Foreclosure Alternatives

Repayment

Plan

Short-Term Hardship.

style='font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:

"Times New Roman"'> You have the financial ability to make more than the

regular monthly payment but have fallen behind on your mortgage

Allows you to bring your account

current by paying your monthly payment plus a portion of all past due

payments.

Forbearance

Short-Term Hardship.

style='font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:

"Times New Roman"'> You have no or a limited amount of income.

Allows you to temporarily reduce

your monthly payment to allow you to recover from your hardship. Can lead to

other workouts once the forbearance period is over.

Home

Affordable Modification Program (HAMP)

Permanent/Long-term Hardship and

Occupy Property as Primary Residence.

You do not have the financial ability to make the current regular monthly

payment.

Allows you to temporarily reduce

your monthly payment over a three/four month trial period if approved. Your

loan could be permanently modified to an interest rate as low as 2% (as

applicable). An escrow account will be set up for taxes and insurance.

Borrower incentives are available for program performance.

Traditional

Modification

Permanent/Long term Hardship and

want to keep the property.

You do not have the financial ability to make the current mortgage payment

and you are not eligible for the Home Affordable Modification Program.

Allows you to reduce your monthly

mortgage payment. If approved by investor and/or insurer the delinquent

interest, escrow shortage, and other fees will be capitalized. An escrow

account will be set up for taxes and insurance.

Presale/Short

Sale

Permanent/Long-term Hardship and

want to leave the property.

You do not have the financial ability to make the current mortgage payment

and/or are unable to qualify for a modification.

Allows you to sell your property

for less than what is owed to satisfy your debt if approved by the investor.

Beneficial if your property value has decreased. Must have a licensed realtor

and be an “arms-length transaction.”

Deed

in Lieu

Permanent/Long-term Hardship and

want to leave the property.

Allows you to ask your investor/or

insurer to accept the deed for your property in lieu of foreclosure.

Beneficial if you have been unsuccessful in your efforts to sell your home.

Home must be marketed for at least 90 days.

Home

Affordable Foreclosure Alternatives

Permanent/Long-term Hardship and

want to leave the property.

NOTE:

Must be HAMP eligible and undergo HAMP underwriting.

Allow borrowers to either sell the

property in a short sale or request deed in lieu. Borrower paid a relocation

incentive of $3,000.00 once complete. Property must be marketed for at least

120 days and previously reviewed for the HAMP. Must have a licensed realtor

and be an “arms-length transaction.”