If your mortgage is past due or facing foreclosure, our Homeowners Solution Center may be able to work with you to help bring your account current while minimizing the negative impact on your credit.
You can contact a Homeowners Solution Center advisor at 866-660-5804 or you can also log in to your online account and go to Payment Help. You’ll find the necessary forms there to help you through this process.
Eligibility is determined on a case-by-case basis and may be able to arrange one of the following loan solutions. Listed below are some of the solutions that might be available to you:
Repayment Plan or Special Forbearance
Acqura may be able to arrange a plan based on your financial situation to spread out repayment of your past-due balance over an extended period of time.
Loan Modification
It may be possible to modify your mortgage contract to incorporate your past-due amounts and sometimes even reduce your monthly payment. This could be accomplished by extending the loan term, lowering the interest rate or capitalizing past-due interest. However, this is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor. Items you need for a Loan Modification:
- Hardship Letter
- Two Pay Stubs
- One Bank Statement
Mortgage Insurance Claim
Acqura may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. You would then have the ability to pay back this loan to the insurance company over an agreed upon period of time.
Short Sale or Pre-Foreclosure Sale
This will allow you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure.
Items you need for a Short Sale or Pre-Foreclosure Sale:
- Hardship Letter
- Pay Stub and/or Bank Statement
- Letter of Authorization
- Purchase Agreement
Deed-in-Lieu of Foreclosure
As a last resort, you may be able to voluntarily transfer ownership of your property to the lender. You won’t be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is available only if there are no other liens or judgments on the property.
Items you need for a Deed-in-Lieu of Foreclosure:
- Hardship Letter
- Pay Stub and/or Bank Statement
