We understand that temporary financial hardships occur that make it difficult to make your mortgage payment on time. Our many repayment programs were specifically created to help those borrowers who are experiencing hardships: Increases in payment due to interest rate adjustments, loss of a job, death of a family member, divorce, relocation, and other life altering events can also cause individuals to miss mortgage payments. Simply because a loan is delinquent does not mean it is a lost cause. With this in mind, HomEq’s staff is trained to offer a variety of alternatives to help those who are struggling to make their mortgage payments.
Depending on your individual circumstances, we may be able to work out a repayment option that can help you get out of default and back on the path toward home-centered financial security. We will assess your financial situation to determine which option is right for you.
PLEASE NOTE: DURING THE LOSS MITIGATION PROCESS HOMEQ WILL CONTINUE EFFORTS TO COLLECT THE AMOUNTS OWING ON YOUR LOAN(S).
Below are some of the repayment solutions we offer. Give us a call to see how they might fit with your situation. Click here to learn about updating your financial information.
Type |
How it works |
Key Benefits |
| Repayment Plan |
An agreement to make payments on a scheduled basis over a period of several months. These payments include the regular monthly payment amount and a scheduled portion of the delinquent amount so that the account is brought current by the conclusion of the repayment plan. This is a good option if you have had a short term setback and need time to catch up on the payments you have missed. |
- Brings your account up to date within a specified time-frame.
- Comfort of knowing that soon your payments will be back on track and your account up to date.
- Ability to begin to rebuild your credit history once your account is completely up to date.
|
|
Loan Modification
|
An agreement to modify the terms of your loan. The type of loan modification offered varies depends on a number of variables, including the status of the loan and the financial circumstances of the borrower.
HomEq currently offers the following loan modification programs. They are available only to those borrowers who occupy the property, and each has specific eligibility requirements.
Click here to start the modification process by logging in first.
|
|
|
U.S. Treasury “Fast Track” Program
|
This program is targeted at borrowers who are current on their adjustable rate mortgage (“ARM”) loans and have demonstrated an ability to pay at their current interest rate, but who may not be able to find available refinancing The basic qualifications for the “Fast Track” Program are as follows:
- The loan must have been originated between January 1, 2005, and July 31, 2007.
- The initial interest rate is scheduled to reset between January 1, 2008, and July 31, 2010.
- The initial fixed-rate period is 36 months or less (2/28 and 3/27 loans are the most common combinations.
- The borrower must currently occupy the property as his or her primary residence.
- The borrower’s current FICO score must be <660 and is less than a score 10% higher than the FICO score at origination.
- HomEq determines that, at the upcoming reset, the payment amount would go up by more than 10%.
Borrowers who do not meet the qualification standards for the Fast Track Loan Modification Program may qualify for other modification programs offered by HomEq.
|
- Locks in the initial interest rate for five (5) years if you have already been able to demonstrate you are able to repay the loan at the initial rate.
- Provides borrowers with the peace of mind of knowing the principal and interest portion of their payment will not change as scheduled and remain at an affordable rate.
- Affordable payment allows you to maintain your positive mortgage payment history and credit bureau reporting by HomEq Servicing.
|
|
HomEq ARM Reset Modification Program
|
Subject to qualification, which will include a financial analysis of the borrower’s income, debts, and an evaluation of the current property value, a borrower may be offered a loan modification pursuant to which the interest rate will be fixed at an affordable rate for five (5) years.
Click here to start the modification process by logging in first.
|
- Provides borrowers with the peace of mind of knowing the principal and interest portion of their payment will not change as scheduled and remain at an affordable rate.
- Affordable payment allows you to create a positive mortgage payment history and credit bureau reporting by HomEq Servicing.
|
|
HomEq Affordability Modification Program (Applies to ARM and Fixed Rate Loans)
|
Subject to qualification, which will include a financial analysis of the borrower’s income, debts, and an evaluation of the current property value, HomEq will determine whether an Adjustable Mortgage Loan (“ARM”) or Fixed Rate loan can be modified so that the mortgage payment can be adjusted to a level that the borrower can afford.
Click here to start the modification process by logging in first.
|
- Provides borrowers with an affordable monthly payment allowing them to remain in their home; keep their payments on track and build a positive credit bureau history.
|
|
Forbearance Plan
|
A signed, written agreement requiring the borrower to make payments on a scheduled basis over a period of several months. These payments include the regular monthly payment amount and a scheduled portion of the delinquent amount so that the account can be brought current by the conclusion of the forbearance plan.
|
- Suspends foreclosure sale action and allow you peace of mind knowing you have time and a plan in place to catch up on your late payments.
- Brings your account up to date within a specified time-frame.
- Completion of the plan allows you the ability to begin to rebuild your credit history.
|
Partial Claim
(only for FHA loans)
|
The Department of Housing and Urban Development (HUD) makes cash advances on a loan to repay the past-due interest and escrow amounts (not to exceed the equivalent of 12 months PITI). The amount advanced is interest free and due and payable when the loan is either paid in full or the Borrower no longer owns the property.
|
- Brings your account up to date immediately.
- Advance is interest free and does not have to be paid back until the loan is paid in full or the Borrower no longer owns the property.
|
|
Contact Information:
HomEq Servicing has agents available to assist you. Please contact us at (877) 867-7378.
|
We believe that foreclosure is not a desirable outcome. Although it is sometimes inevitable and the only option, our objective is to help you understand all the possible solutions that are available to you. Therefore, we urge you to obtain more information about the following alternatives and contact us today so we may work together to help you get back on track!
Type |
How it works |
Key Benefits |
|
Short Sale
|
A workout program whereby HomEq may accept sale proceeds less than the full payoff amount due.
Click to download short sale package forms (Short Sale Form and Third Party Authorization Form ) that need to be completed in order for HomEq to determine if you qualify. Fax completed forms and all necessary documents to (866) 577-1227.
|
- Avoids the lengthy legal process involved in foreclosure.
- Avoids the assessment of foreclosure fees to the loan.
- May be less damaging to your credit rating than if you go through foreclosure.
|
|
Short Refinance
|
A program where HomEq may accept payoff proceeds for less than the full payoff amount. The approval process is similar to a short sale/pre-foreclosure sale so you will need to complete the Short Sale Package. See above.
Please note: HomEq is not a mortgage lender and does not have the ability to refinance loans.
|
- Allows you to keep your home.
- Avoids the lengthy legal process involved in foreclosure.
- Avoids the assessment of foreclosure fees to the loan.
- May be less damaging to your credit rating than if you go through foreclosure.
|
|
Contact Information
HomEq Servicing has agents available to assist you. Please contact us at (877) 867-7378.
|
