Facing Financial Hardship? We May Be Able To Help

Facing Financial Hardship

Exploring Alternatives to Foreclosure

The sooner you call, the more likely we can find an alternative for you
During the course of home ownership, increased expenses or changes in your income may make it difficult to pay your bills, including your mortgage payment. If you can keep your mortgage current, do so. But if you can't make your mortgage payments for reasons beyond your control, we want to talk to you about alternatives to foreclosure.
If the problem is temporary, some of the options for which you may qualify are:

• Reinstatement. This is the payment of the total amount past due in a lump sum by a specific date.
• Forbearance Plan. This type of plan allows you to reduce or suspend payments for a short time and then bring your loan current. A forbearance plan may be combined with a reinstatement when you know that you will have enough money to bring the loan current later (such as after getting a tax refund, insurance settlement or maturity of an investment).
• Repayment Plan. This is an agreement to resume making your regular monthly payments plus a portion of the past due payments each month until you are caught up.

If the problem is of a long-term nature or it's not likely that you will be able to bring the loan current, other options may be appropriate:

• Modification. If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, a modification changes the terms of your loan permanently to make it more affordable. These changes may be one or more of the following: adding the missed payments to the loan balance, changing the interest rate or extending the number of years you have to repay the loan.
• Sale of Property. The property is put on the market and the mortgage loan is paid off from closing proceeds. In a 'short sale' situation, the lender accepts less than the total amount due in connection with the sale.
• Partial Claim. You might be able to get a one-time interest-free loan from the mortgage guarantor to bring your loan current. You may be allowed to wait several years before repaying this loan.

To start our review, you should have the following information ready when you call:

• Your loan account number.
• A brief explanation of your circumstances.
• Your recent income documents: pay stubs, benefit statements from Social Security, disability, unemployment, retirement or public assistance.
• Tax returns (last two years).
• A list of household expenses.

Approval of any option is subject to all of the following:

• Confirmation of Borrower(s)' immediate and future ability to make payments.
• Value and condition of property.
• Review of Borrower(s)' financial condition and reasons for delinquency.
• Bank's ability to obtain subordination of other obligations secured by the real property.

For mortgage loans, call our our Loan Modification Department at
(800) 850-8690, Option 3. This is a toll-free number. A member of our staff will conduct an interview to determine your circumstances and explore options that may be available to you. Please don't delay - the sooner you call, the more likely we can find an alternative for you.

For Home Equity Credit Lines, please call (877) 835-0177.

For commercial loans secured by a personal residence, call your account officer.

The U.S Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice and guidance regarding defaults, foreclosures, credit issues and alternatives to you. You can find a HUD counselor in your area by visiting the HUD Web site or calling HUD toll-free at
(800) 569-4287.

Note: this is an attempt to collect a debt and any information obtained during a call will be used for that purpose. If you are currently protected by the filing of a petition in bankruptcy or have been discharged in bankruptcy, this summary is for information purposes only and should not be considered as an attempt to collect the debt from you personally.