Loss of a job, divorce, death of a family member, and other traumatic events can cause customers to miss mortgage payments. Our staff is trained to present a variety of alternatives if you are struggling to make payments. If you are facing temporary financial challenges, below are just a few options. In all the foreclosure alternatives discussed, certain financial information is required and must be verifiable. This is a changing of the original Note terms that may allow for adding delinquent interest into the loan, resetting the payment due date, or extending the maturity date so the loan becomes current. Investor approval is also required. This does not always happen if you are more than 26% “upside down”. You also must have verifiable income. This is a transaction requiring the sale of the property to a third party. Proceeds of the sales transaction are typically less than the total amount owed to pay off the loan. The investor, prior to any closing, must approve an exchange of the sales proceeds for a satisfaction of the debt. Certain information related to the sales transaction is required. This is also known as a voluntary conveyance. The customer must agree to deed back the property to the investor. The customer is required to surrender possession of the property and the property must be in good and marketable condition. This transaction requires approval from the investor prior to any closing. Certain conditions of title may not allow this option. |