OPTION

OVERVIEW

BENEFIT

Refinance

Receive a new loan with lower interest rate or other favorable terms

Makes your payment or terms more affordable

Reinstatement

Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below

Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future

Repayment Plan

Pay back your past-due payments together with your regular payments over an extended period of time

Allows you time to catch up on late payments without having to come up with a lump sum

Forbearance Plan

Make reduced mortgage payments or no mortgage payments for a specific period of time

Have time to improve your financial situation and get back on your feet

Modification

Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a “trial period” (i.e., completing a three month trial period plan)

Modifies your mortgage so that your payments or terms are more manageable as a solution to a
long-term or permanent hardship

Short Sale

Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.

Deed-in-Lieu of Foreclosure

Transfer the ownership of your property to us

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property