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
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OVERVIEW
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BENEFIT
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Reinstatement
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- Pay all past due amounts in a single lump-sum payment.
- Available if you have the funds to pay now.
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- Allows you to bring your mortgage current immediately.
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Repayment Plan
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- 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.
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- Allows you time to bring your mortgage current without having to make a single lump-sum payment.
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Forbearance Plan
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- 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.
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- Allows you time to improve your financial situation and possibly qualify for another option, such as a modification, upon completion of the forbearance plan.
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Modification
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- Make modified payments based on new terms.
- Requires your successful completion of a three-month trial period plan.
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- 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.
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OPTIONS TO LEAVE YOUR HOME
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OVERVIEW
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BENEFIT
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Short Sale
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- 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.
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- 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.
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Mortgage Release (Deed-in-Lieu of Foreclosure)
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- Transfer ownership of your property to us in exchange for relief from some or all of the mortgage debt.
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- 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.
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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.