Mortgage Assistance

Ceramic house next to a calculator

 
 

We are here to help you

At the State Bank of Cross Plains we understand that homeowners may face hardships and in turn may need mortgage payment assistance - we are here to help. 

Options

The right option for you depends on your individual circumstances. Some of the options that may be available to you include: 


OPTIONS TO STAY IN YOUR HOME

OVERVIEW

BENEFIT

Reinstatement

  • Pay all past due amounts in a single lump-sum payment.
  • Available if you have the funds to pay now.
  • Allows you to bring your mortgage current immediately.

 

Repayment Plan

  • Pay all past due amounts together with your regular monthly payments over an extended period of time.
  • Available if you have sufficient income to cover more than your regular monthly payment.
  • Allows you time to bring your mortgage current without having to make a single lump-sum payment.

 

Forbearance Plan

  • Make reduced payments or no payments for a specific period of time (for example, six months). During this time your mortgage will become increasingly delinquent.
  • Allows you time to improve your financial situation and possibly qualify for another option, such as a modification, upon completion of the forbearance plan.

Modification

  • Make modified payments based on new terms.
  • Requires your successful completion of a three-month trial period plan.

 

  • Allows you to bring your mortgage current by modifying your mortgage.
  • Intended to make your payments or terms more manageable; typically results in a lower monthly payment.

OPTIONS TO LEAVE YOUR HOME

OVERVIEW

BENEFIT

Short Sale

  • Sell your property.
  • Proceeds from the sale are used to pay off a portion of your mortgage balance when you owe more on your mortgage than the home is worth.
  • Allows you to transition out of your home to avoid foreclosure.
  • The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences – consult a tax advisor.

Mortgage Release (Deed-in-Lieu of Foreclosure)

  • Transfer ownership of your property to us in exchange for relief from some or all of the mortgage debt.
  • Allows you to transition out of your home if you are unable to sell your home to avoid foreclosure.
  • The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences—consult a tax advisor.


To get started:


Complete the following form:

Mortgage Assistance Application

Please mail to:

State Bank of Cross Plains
Attn: Loss Mitigation Dept.
1205 Main Street
Cross Plains, WI 53528

You can also send via a secured email to mortgageassistance@sbcp.bank or fax to (608) 798-2171.

Contact us today to see how we can help. Call (608) 798-5207 or (877) 775-9411.