Frequently Asked Questions
General Information
What type of assistance do I qualify for?
Qualification for assistance is determined upon the review of your specific circumstances and will be based on personal financial ability, hardship and intentions.
What is considered a "hardship"?
A hardship is a change in circumstances that affects your ability to satisfy your financial obligations.
What is a workout?
The plans we "work out" with our Customers to pay back their loans are called "workouts." They include payment plans, loan modifications, forbearance, short sale and deed-in-lieu of foreclosure, or a combination of these options.
What is the difference between a workout and a refinance?
Our specialists review workouts in a situation where a Customer has suffered a hardship and may be delinquent. We will review the situation, make a recommendation and attempt to workout the existing account. A refinance is a new loan which pays off your account and would not be handled by a workout specialist.
I have lost my job or my hours have been reduced, what should I do?
Depending on your financial ability you may qualify for different workout options, but you will need to call and discuss your specific situation with a specialist. We offer solutions based on financial ability. Call us at 800-222-5522.
I have fallen behind on payments, but can now afford them. What can I do about the payments I am behind on?
We have the ability to offer solutions that may extend, defer, modify or adjust payments that are due to the bank. We strongly encourage you to call so we can discuss which option will best suit your situation. Call us at 800-222-5522.
What is foreclosure?
A foreclosure is the legal proceedings initiated by a lender to seize the collateral for a loan that is in default.
What is repossession?
Repossession is the taking back of collateral by a lender from the borrower(s), usually due to default or failure to meet other terms in the contract.
What if I am already facing foreclosure or repossession?
Time is of the essence, and you need to talk with us immediately to see if there are any workout options you may qualify for. Don't delay. We may be able to provide assistance even after a foreclosure or repossession has been initiated.
My financial situation is stressful and I just don't know what to do.
We can appreciate that dealing with financial hardship can be very difficult. We are here for you. Record your monthly budget and then give us a call at 800-222-5522 to see how we may be able to help you.
Mortgage and Home Equity
I have my home listed for sale and can't make the mortgage payments. What can I do?
It is a difficult decision sometimes to sell your home. We actively provide opportunities to allow additional time to sell while paying a lesser or no mortgage payment. We also approve short sales on property where the sale proceeds do not cover the mortgages on the property.
What documents are required for a workout on my mortgage or home equity?
There may be different information required for different types of workouts; however, expect to complete a Request for Assistance Form (705K PDF), outlining monthly income and expenses. We will require verification of income, including payroll slips or W-2 information, as well as a written hardship statement confirming the nature of your situation.
I have an offer on my home but it is less than I owe. What can I do?
You are welcome to discuss our short sale program with a specialist. We are able to allow a short sale on a first or second mortgages (home equity). Please call us at 800-222-5522 to discuss your unique situation and the information we will need.
How do I apply for a mortgage modification?
Please call us at 800-222-5522 to discuss. This contractual adjustment may include changing your term, rate and/or payments, as well as deferring payments, if applicable, to bring your account up to date.
If I can't make my mortgage payments, how long do I have to act?
If you are not able to make your mortgage payments, you should contact your bank immediately. Your credit may be affected after 30 days and, if you continue to be past due, you could risk foreclosure.
Do I qualify for the Making Home Affordable program from the federal government?
To find out if you qualify for the Making Home Affordable program, you must call the holder of your mortgage loan at the number printed on your monthly mortgage coupon or statement. Learn more about the Making Home Affordable program.
Automobile/Boat/Recreational Vehicle (RV)
I have my automobile/boat/RV listed for sale and can't make the loan payments. What can I do?
It is a difficult decision sometimes to sell your car/truck/boat/RV. Time is of the essence, and you need to talk to us immediately to see if there are any arrangements that can be made to allow additional time to sell.
I have an offer on my automobile/boat/RV but it is less than I owe. What can I do?
You are welcome to discuss our short sale program with a specialist. We may be able to allow a short sale on automobile/boat/RV loans. Please call us at 800-222-5522 to discuss your unique situation and the information we will need.
What documents are required for a workout on my automobile/boat/RV loan?
If you are experiencing a financial hardship and would like assistance with this type of loan, please contact our Loss Prevention Department at 1-800-742-2651, extension 7616. Documentation is not required; however certain information will need to be obtained via telephone in order to determine options available to you.
How do I apply for an automobile/boat/RV loan modification?
Please call us 800-222-5522 to discuss. This contractual adjustment may include changing your term, rate and/or payments, as well as deferring payments, if applicable, to bring your account up to date.
If I can't make my loan payment, how long do I have before I have to act?
If you are not able to make your loan payments, you should contact us immediately. Your credit may be affected after 30 days and, if you continue to be past due, you could risk repossession.
The due date for my loan payment makes my monthly budgeting difficult. Is it possible to change my due date?
We may be able to change your due date. Please call us at 800-222-5522 to discuss.
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Contact Us
If you need help getting back on track with your loan payments:
Our hours are Monday through Thursday, 8:00 a.m. – 9:00 p.m., Friday, 8:00 a.m. – 5:00 p.m., or Saturday, 8:00 a.m. – 3:00 p.m. For other inquiries, please contact Customer Service anytime. |
