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Our goal is to keep you in your home, foreclosure will only be considered after all other options have been exhausted.

We want you to have the facts about your options. There are several payment alternatives available that you may qualify for that may help you stay in your home.

Foreclosure is the legal process by which a lender takes possession of the mortgaged property when the borrower fails to make monthly payments in a timely way or otherwise violates the loan agreement. We never want to foreclose on a customer’s home. Only when all other options are exhausted will we initiate the foreclosure process. Foreclosure will affect your credit score and possibly your ability to obtain financing in the future.

Forbearance
The action of the lender to refrain from exercising a legal right, especially enforcing the payment of a debt. An example would be a temporary reduction or suspension of payments on a loan, followed by an arrangement to cure the delinquency.

Repayment Plan
This is a type of Forbearance in which an arrangement is reached to repay past due amounts over a period of time in conjunction with regular monthly mortgage payments.

Modification
One or more of your existing loan terms may be changed in order to help. This could include: a change in mortgage loan type (such as from an adjustable to a fixed), an extension of the mortgage terms, a step rate, capitalization of delinquent amounts, and/or reduction of your interest rate.

Partial Claims
For FHA Loans only, your lender may be able to work with you to obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current.

Scam artists have stolen millions of dollars from distressed homeowners by promising immediate relief from foreclosure or demanding cash for counseling services when HUD-approved counseling agencies provide the same services for FREE.

If you receive an offer, information or advice that sounds too good to be true, it probably is. Remember, help can be found FREE.

How to Spot a Scam – beware of a company or person who:

  • Asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.
  • Guarantees they can stop a foreclosure or have your loan modified.
  • Advises you to stop paying your mortgage company and pay them instead.
  • Pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read, and you don’t fully understand.
  • Claims to offer “government-approved” or “official government” loan modifications.
  • Asks you to release personal financial information online or over the phone.


How to Report a Scam – do one of the following:

  • Go to  and fill out the Loan Modifications Scam Prevention Network’s (LMSPN) complaint form online and get more information on how to fight back.
    • Note: you can also fill out this form and send to the fax number/email/address (your choice) on the back of the form.
  • Call (888) 995-HOPE (4673) and tell the counselor you believe you’ve been the victim of a scam or you know someone who has.

Pre-foreclosure or Short Sale
Occurs when a property is listed for sale and proceeds of the sale are accepted in exchange for a release of the lien, even if those proceeds are less than the amount owed.

Deed-In-Lieu of Foreclosure
This option voluntarily transfers the title and possession of the property to the Lender in order to satisfy the mortgage loan debt and avoid foreclosure.

Am I eligible?
Every situation is unique, and will be reviewed carefully to determine if foreclosure is the only possible remedy. Use this list as a general guideline of the information we look at to determine if you qualify for a payment alternative.

  • You must demonstrate an involuntary inability to pay
  • Account in question must be a mortgage or home equity line of credit (no overdraft lines of credit)
  • Home must not be vacant or condemned
  • Property must be a 1 – 4 family dwelling

Credit scores are a concern for most of us.  can help you understand what makes up a credit score, what affects it and what you can do to maintain good credit.
Be advised that as a lender/servicer, we are required to report the current status of your loan. Any missed payments or loss mitigation option will affect your credit.


The U.S. Department of Housing and Urban Development (HUD) has provided an extensive list of HUD-approved credit counseling agencies who can help evaluate your situation and address your needs. They can help you develop a budget, provide recommendations for freeing up cash, and provide housing counseling assistance.


Visit the official HUD.gov page containing tips for avoiding foreclosure as well as summaries of various government programs designed to help lower your monthly mortgage payment, modify or refinance your loan, transition to more affordable housing and more.


KnowYourOptions.com is an official Fannie Mae website filled with helpful information about every phase of home ownership, including detailed advice and resources for avoiding foreclosure, deciding whether to stay in your home or leave it, understanding reverse mortgages, and helpful advice for those who are already in foreclosure.


This site provides step-by-step information on how to become financially literate in order to make informed financial decisions. Learn about credit reports and scores, see the true cost of owning a home, compare the costs of renting vs owning, and get in-depth, easy-to-read home loan product information.

County Resources
Visit your county’s official web page to learn about the financial programs and related resources they may have to offer.


An official program from the Department of the Treasury and HUD, this site is filled with helpful information and valuable programs that can help you avoid foreclosure, lower your monthly mortgage payments, modify a second mortgage or apply for mortgage assistance if you are unemployed.


This site provides information on taxes, grants, housing finance reform, the Recovery Act, the Making Home Affordable program and much more. You’ll also find links to other helpful government bureaus.


Visit the official site of United Way’s 2-1-1 / First Call For Help initiative. This free community service provides confidential information and referrals for help with food, housing, employment, health care, counseling and more. Click to visit the site, or simply call 2-1-1 to get started.

Foreclosure Prevention

You need to borrow money to pay for your children’s college education. Alternatively, maybe you want to pay down your high-interest credit card debt or add a master bedroom addition to the top floor of your home. One way to do so is to tap into the equity you’ve built up in your home. Building up equity is one of the most important benefits of owning a home. As you pay off your mortgage, you gradually build equity. Simply put, equity is the amount of your home that you actually own. For example, if you have a house worth $200,000 and you owe $150,000 on your mortgage, you have equity of $50,000. You can access that equity in one of two ways, through a home equity loan or a home equity line of credit. Home equity loan A home equity loan is a second mortgage. When you apply for a home equity loan, you’ll receive a single lump sum. You then pay that sum back over a set period of years. The size of your home equity loan will be limited, of course, by the amount of equity you have in your home. The interest rate attached to a home equity loan remains constant throughout the life of the loan. Home equity line of credit Consumers often confuse home equity lines of credit — better known as HELOCs — with home equity loans. However, a HELOC works more like a credit card than a mortgage loan. With a HELOC, you’ll receive a set credit limit. You only pay back the amount of money that you borrow, plus interest. For instance, if you have a HELOC with a credit limit of $50,000 and you borrow $10,000 from it, you’ll only have to pay back that $10,000. You’ll still have $40,000 worth of credit available to you after you’ve borrowed the $10,000. The interest rate on a HELOC is usually tied to the prime rate. Often, the rate will be 1 percent over prime. Which is better? So, which product is better? Not surprisingly, that depends on the individual borrower and the individual situation. Many economists say that a home equity loan is better suited to borrowers who need funds for a specific purchase, such as college tuition or a major kitchen remodel. Since a home equity loan features a fixed interest rate, such a product might be better for those borrowers uncomfortable with uncertainty. A home equity line of credit, though, provides more flexibility. Homeowners do not have to tap into their credit unless they need it. Because of this, many homeowners use a HELOC as an emergency fund, quick cash in the case of an emergency. A HELOC might be the right choice, too, for borrowers taking on a multi-year renovation project. These borrowers can then tap their HELOC whenever they need to write a check to move the project toward completion. The key is to do your research before choosing either a HELOC or home equity loan. Only by studying your spending habits and needs will you be able to make the right equity decision.

Home Equity Loans vs Lines of Credit