Borrower Assistance Programs
Loan modification for financial hardship.
Unemployment, decrease of income, rising expenses, interest rates, declining property value, divorce, injury or illness are all considered hardships. If you’re experiencing a hardship that makes it difficult for you to pay your bills, there may be help.
Home Equity or Mortgage
To request any of the following options, use the form Request for Borrower Assistance.
Repayment Plan
If you are behind on your payments, we may agree to a repayment plan that allows you to make your regularly scheduled loan payments, plus pay off a portion of the pay due amounts over time.Reage
A reage returns a delinquent account to a current status without immediately collecting the past due payments that are contractually due. If you are currently past due on your payments and are able to make your regular payments going forward, this option may be right for you.Modification
If you are unable to afford your current monthly minimum payment, but could pay a reduced amount each month, a loan modification may be right for you.Forbearance or Extension
If you are experiencing a temporary hardship, you may be eligible for forbearance or an extension. A forbearance is when the lender agrees to suspend or reduce a number of your loan payments to allow time to get your finances back on track in order to pay off the past due amounts. An extension is when the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for forbearance or an extension, you must be able to show that you have the ability to make future payments. Short Sale If you want to sell your house but it’s worth less than the amount remaining on the combined mortgage and home equity loan/line balance, a short sale may allow you to sell your house for less than the balance owed. You may be responsible for paying the difference between what the bank received in the short sale and what you owed.Deed in Lieu
If you are not able to sell your house, you can choose to voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. Options are available to help you leave the home immediately. You may be responsible for paying the difference between what the bank received in the eventual sale of the property and what you owed.Boat/Auto/RV
Extension
If you are experiencing a temporary hardship, you may be eligible for an extension. An extension is where the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for an extension, you must be able to show that you have the ability to make future payments. Please gather your financial information and contact us to discuss your situation.Short Sale
If you want to sell your boat but it’s worth less than the amount remaining on the loan balance, a short sale may allow you to sell it for less than the balance owed. You may be responsible for paying the difference between what the bank received in the short sale and what you owed.To request this option, use the form Request for Short Sale.
Lines of Credit
Reage
A reage returns a delinquent account to a current status without immediately collecting the past due payments that are contractually due. If you are currently past due on your payments and are able to make your regular payments going forward, this option may be right for you.To request any of the following options, use the form Request for Borrower Assistance.
Student Loans
Forbearance or Extension
If you are experiencing a temporary hardship, you may be eligible for a forbearance or an extension. A forbearance is where the lender agrees to suspend or reduce a number of your loan payments to allow time to get your finances back on track in order to pay off the past due amounts. An extension is where the lender agrees to suspend a number of your loan payments for a period of time and add those payments to the back end of your loan – extending the length of your loan term. To be considered for forbearance or an extension, you must be able to show that you have the ability to make future payments. Please gather your financial information and contact us to discuss your situation.
Request Assistance today
- Collect your financial information, including:
- Monthly income,
- Household expenses,
- An explanation of your hardship.
- Contact Us (Toll-Free):
Mon.-- Fri: 8 a.m.--5 p.m. EST- Student loans: 800-877-2860
- All other loans: 866-947-2610, TTY: 800-539-8336
- After you’ve discussed your situation with one of our representatives, complete and submit the appropriate request form or supporting documentation.
