Mortgage Assistance

Reinstatement

• Available if you have the funds to pay now.
• Pay all past due amounts in a single lump-sum payment. 

• Allows you to bring your mortgage current immediately.

Repayment Plan

• Available if you have sufficient income to cover more than your regular monthly payment.
• Pay all past due amounts together with your regular monthly payments over an extended period of time.

• Allows you time to bring your mortgage current without having to make a single lump-sum payment.

Payment Deferral

• Defer repayment of past due principal and interest payments, which will be due and payable at the maturity of the mortgage loan. Repayment may also be due earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

• Allows you to bring your mortgage current by delaying repayment of past-due principal and interest amounts without changing other terms of your mortgage.
• The deferred amount does not accrue interest.

Forbearance Plan

• Make reduced payments or no payments for a specified period of time (i.e., 6 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 Repayment Plan or Loan Modification upon completion of the Forbearance Plan.
• You will still need to repay any missed payments but will not have to do so all at once if you cannot afford to.

Loan Modification

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

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

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.
• Relocation funds may be available.
• The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences. Please consult a tax advisor.

Mortgage Release (Deed-in-Lieu of Foreclosure)

• Transfer ownership of your property to the owner of your mortgage 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. 
• Relocation funds may be available.
• The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences. Please consult a tax advisor.