Servicer Contact Options
Monday through Friday 8 am – 8 pm
Saturday 8 am – 5 pm ET
From Servicer Website
What loss mitigation options will be available after the forbearance?
This is a general list of loss mitigation home retention programs that may be available to you. The actual options available to you depends on a number of factors including, but not limited to, the owner of your loan (HSBC, Fannie Mae or Freddie Mac, for example) and loan type (conventional, FHA or home equity, for example). The terms of each option will also vary by program.
Reinstatement – A reinstatement is the payment of past due payments in one lump sum at the end of the forbearance period. Because most customers cannot afford an immediate repayment, we also have options for making up the missed payments over time.
Repayment Plans – A repayment plan is an agreement to repay the past due amounts over time. A portion of the past due amount is added to the regular monthly mortgage payment. At the end of the repayment period, the account will be current and normal payments will resume.
Modification – A loan modification is a permanent restructuring of the loan where one or more of the terms are changed to provide a more affordable payment. If you’re currently unable to afford your mortgage payment due to a change in circumstances, but you could make a modified payment going forward, this option might help you.
With a modification, we may agree to do one or more of the following to help you bring your loan current:
- Add delinquent payments to the end of the term.
- Reduce the interest rate.
- Convert an adjustable interest rate to a fixed interest rate.
- Extend of the length of the term of the loan.
- Forbear some of the principal balance. This means setting aside a portion of the total debt before calculating your monthly payment. The customer typically has to pay the set-aside portion in a balloon payment when refinancing or selling the home, or when the loan matures.
Please ask questions or report your experience with this servicer below. Your feedback will help other homeowners navigate homeownership preservation options. REMEMBER: Ask for everything in writing to protect yourself against surprises.