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If you’re experiencing a financial hardship, a loan modification may help make monthly home loan payments more affordable.
A loan modification may add any interest, escrow, fees and expenses that are due into the remaining principal balance of the loan. Depending upon the type of loan, this may involve extending the term of the loan, lowering the interest rate and/or deferring principal, as needed, to achieve an affordable payment.
Select the owner or insurer of the loan to learn more about eligibility requirements. 1
You may be eligible for a Fannie Mae or Freddie Mac loan modification if:
You may be eligible for an FHA loan modification if:
You may be eligible for a VA loan modification if:
You may be eligible for a USDA loan modification if:
You may be eligible for a modification of a loan not owned or insured by the government if:
There are no fees and no minimum credit score requirements with these programs. However, you will be responsible for certain costs, expenses and fees associated with the servicing of the loan that were incurred by you before the application for the modification is completed and approved (such as foreclosure attorney fees). When the modification becomes final, all prior unpaid late charges will be waived.
When you call us to discuss loan modification options, please be ready with the loan number, the monthly pre-tax income for each borrower, monthly household expenses and information about your current financial hardship.
We’ll review your situation, confirm your interest in a modification and, if required for the program, send you a financial information packet.
Throughout the process, you'll have a Customer Relationship Manager who will answer all your questions and help guide you through the steps you'll need to take.
If you receive a financial information packet, you’ll need to complete, sign and return the forms, along with any other documents that are requested, to us as soon as possible.
After we receive your documents, we’ll contact you via phone or mail within five business days if any documents are incomplete or missing.
Once we have all required documents, it may take us 30 calendar days to complete the evaluation process and notify you of our decision.
A three-month trial period may be required to make sure the new payments are affordable.
We'll send you a Trial Period Plan Notice explaining the terms, such as the monthly payment amount, the deadline to accept the trial plan terms and the date the first trial payment is due. Payments can be made through Online Banking, by mail, or over the phone.
Once all trial payments have been made on time, we’ll send you the Modification Agreement.
The Modification Agreement defines the changes to the home loan. This agreement may need to be signed, notarized (as required), and returned to us by the stated deadline for the modification to become permanent.
Once completed, we are required to report the modification to the credit bureaus, which may negatively impact your credit.
Whether your financial hardships are temporary or longer-term, we’re here to help. If we can't find a program that would let you stay in the home, you may need to consider options that involve leaving the house.
800.669.6650 Monday through Friday
8 a.m. - 8 p.m. Eastern
Help is available in English, Spanish and many other languages.
1 These eligibility requirements are informational and are not intended as a commitment to modify your home loan nor is this an exhaustive list of the eligibility requirements of the Program.
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