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 past due amounts over time.
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.
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.
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.
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.