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There Are Options > Mortgage
Mortgage

If you can no longer afford the monthly mortgage payments on your primary residence, we may be able to help. There are several options for eligible homeowners, depending upon whether you want to retain your home or need to relinquish the property.

Home Affordable Modification Program (HAMP)

If you are not able to make your monthly loan payments due to a hardship, you may qualify for a loan modification plan under government programs, designed to help make your monthly mortgage payment more affordable.


Home Affordable Foreclosure Alternatives (HAFA)

If you are not able to make your monthly loan payments and do not want to retain your home, you want to explore the government program HAFA. HAFA includes

foreclosure alternatives such as short sale and deed in lieu of foreclosure programs.

In a short sale, the servicer allows you to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the mortgage.

In a deed in lieu of foreclosure, you can voluntarily transfer ownership of the mortgaged property to the servicer in full satisfaction of the total amount due on the first mortgage.


Home Affordable Refinance Program (HARP)

If you are current on your mortgage payments and would like to refinance to a lower interest rate but have been unable to do so because your home value has decreased, HARP may be an option.


Other Alternatives

If you are behind on your mortgage payments because of a financial hardship, we have a variety of assistance programs that may help you, depending upon your circumstances.


Category: Bank loan

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