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.