Life happens. Unexpected changes at work (job loss/income reduction), illnesses (medical expenses), divorce, or natural disasters can make it challenging to keep up with loan payments. If you’re struggling to make your loan payments, support is available.
- Forbearance: Temporarily suspends or reduces your payments during a documented,
momentary hardship. You’ll have to resume payments later, and suspended or reduced amounts must be repaid. They are not forgiven and interest continues to accrue. Forbearance is not automatic, and you must provide documentation about your
hardship. Any forbearance will be established by an agreement with us, as your servicer.
Terms will be documented in writing. - Loan Modification: Permanently changes one or more of your loan terms to make payments more affordable, usually offered as a loss-mitigation option when you have a documented, longer-term hardship and cannot afford the current payment but can afford a reduced, sustainable payment going forward.
- How to Apply: Contact us to discuss your options and application process. Be prepared to provide details and documentation about your financial hardship, income, expenses, assets, and ownership/occupancy..
- The key is to reach out early—before you miss any loan payments.
This information is provided for information purposes only. Analysis is determined by your unique situation.
Need help? Call us at (888) 226-8929 so we can better understand your hardship.
