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If you’re facing financial difficulties, we’ll do everything we can to help you and your family. We’ll guide you through the mortgage assistance process and help you explore all available options.
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The amount of funds required to be paid to bring a delinquent mortgage loan account current. The reinstatement amount may include all past due payments, late charges, attorney advance, corporate advance, or other fees as may be allowable pursuant to the mortgage loan documents and applicable state law.
Any change to the terms of a mortgage loan, including changes to the interest rate, loan balance or loan term.
A promise to pay down past-due amounts on a mortgage over a specified time period while still making regular monthly payments.
The process in which an arrangement is made to sell the house by a real estate agent prior to the foreclosure sale. The sale price is less than what is owed on the mortgage.
An agreement to temporarily suspend or reduce monthly mortgage payments for a specific period of time. The mortgage company will then postpone legal action during the forbearance. A forbearance is usually granted when satisfactory arrangements are made to bring the overdue mortgage payments up to date.
DEED-IN-LIEU OF FORECLOSURE
The transfer of title of the property to the mortgage company to satisfy the mortgage debt and avoid foreclosure; also called a Deed-in-Lieu of Foreclosure or a voluntary conveyance.