August 22, 2017

Struggling to Make Your Mortgage Payments?

Home Ownership Mortgage

Help! I Can’t Make My Mortgage Payment.

We totally understand that life happens and sometimes it can be challenging to make your mortgage payment. Communication is the best way to overcome mortgage payment obstacles. Unexpected hardships, whether short-term or long-term, can make it difficult. Paying your mortgage is an important piece of managing your home asset and building a secure future. That’s why we are here to help and offer options to assist you in protecting the personal and financial investment you’ve made in your home.

If you’re facing a financial hardship, please talk to us. The sooner we know about your situation, the more we can do to help you work through it. We’ll explore options to help you keep your home, or if home retention is not feasible, discuss options to help you liquidate the property and transition out of your home.

Call us today, toll free at 877-361-5421, to learn more about your options and instructions for how to apply. The longer you wait, or the further you fall behind on your payments, the harder it is to find a solution.

When you call, be prepared to discuss:

  • Why you are unable to make your payments.
  • Whether the problem is temporary or permanent.
  • Details about your income, expenses, and other assets, such as cash in the bank.
  • Complete the Loss Mitigation Packet and return the required documents to CorTrust Bank. After review of your application, if any additional documentation is needed we will contact you.

What Options May Help Me Keep My Home?

All home retention options are subject to investor and insurer requirements, and all programs may not be available for your specific type of mortgage.

  • Forbearance – may provide for a temporary reduction or suspension of your payments to allow you time to overcome the problem that reduced your income. These payments are then made up as part of a repayment plan.
  • Repayment Plan – a plan so you can pay back the missed payments a little at a time until you are caught up.
  • Modification – a modification is a permanent change to your loan through which the overdue payments may be added to your loan balance, the interest rate may be changed, or the number of years you have to pay off the loan may be extended.

What Options Do I Have If I Can’t Keep My Home?

If you are not able to continue paying your mortgage, your best option may be to find more affordable housing. As an alternative to foreclosure, you may be able to sell your home and use the proceeds to pay off the loan. There may be income tax consequences to any plan that reduces the amount of debt you owe, so check with a tax advisor before accepting any workout options.

  • Short Sale/PreForeclosure Sale – with your investor’s and insurer’s permission you can offer your house for sale and sell it at fair market value even if the amount you receive from the sale is less than the amount you owe.
  • Deed-in-Lieu of Foreclosure – as a last resort, you may be able to voluntarily give your property back to your lender. The property will need to be left clean and undamaged.

Important Points to Understand.

Helpful Information About Foreclosure.

  • If you do not make your mortgage payment(s), the foreclosure process can begin.
  • As part of the foreclosure process, you may receive notices from a third-party attorney delivered by mail, or see steps being taken to proceed with a foreclosure sale of your home.

Where to Turn If You’re Struggling With Other Expenses.

  • Sometimes customers have trouble keeping up with their monthly expenses, other than their mortgage payments. If this is happening to you, help is available at no cost from a HUD-approved, non-profit credit counseling agency.
  • Call a counselor who will work closely with you to lower your other monthly payments, take your financial circumstances into consideration, and create a budget plan.
  • For a HUD-approved counselor, call 1-800-569-4287.

Beware of Foreclosure Rescue Scams!

  • You may be approached by organizations with official sounding names offering a quick fix to your mortgage problems. They often charge hefty fees or require that you “temporarily” sign over your deed to them. Be sure you avoid anyone who asks for a fee for counseling or a loan modification, or to make your mortgage payments to anyone other than CorTrust Bank.