Mortgage Help Meeting

Need Mortgage Help?

Mounting debt, the loss of a job, health issues, marital changes and any other number of reasons can leave a homeowner faced with difficulty making mortgage payments.

Whether you have missed one mortgage payment or multiple payments, now’s the time to take action. If you’ve missed payments and find yourself buried under late fees and past-due amounts, you may qualify for a temporary (or permanent) solution to help you get your finances back on track and avoid foreclosure. Or, you may be modify your mortgage loan, lowering your payment and making it more affordable.

Avoiding Foreclosure: Know Your Options.

Some borrowers consider foreclosure when payment difficulties arise. But when you look at the financial, credit or tax implications of foreclosure, it may not be the best solution.

To avoid foreclosure, there are alternative payment programs that may be available to you. Our mission is simple: We'll do everything we can to keep you in your home. Our philosophy is: let's work together to find the right solution that works for you.

LOSS MITIGATION OPTION BENEFIT

REPAYMENT PLAN

FORBEARANCE PLAN

LOAN MODIFICATION

SHORT SALE

DEED-IN-LIEU

PERMANENTLY CHANGES LOAN TERMS

 

 

X

 

 

HELPS CATCH UP ON PAYMENTS

X

X

X

 

 

TEMPORARY HARDSHIP ASSISTANCE WITH REDUCED OR SUSPENDED PAYMENTS

 

X

 

 

 

MAY OFFER CASH INCENTIVE

 

 

 

X

X

ALLOWS YOU TO STAY IN YOUR PROPERTY

X

X

X

 

 

ALLOWS YOU TO LEAVE YOUR PROPERTY PREVENTING FORECLOSURE

 

 

 

X

X

LESS DAMAGING TO YOUR CREDIT THAN FORECLOSURE

X

X

X

X

X

If you are having difficulties paying your mortgage, please contact us as soon as possible. The sooner you contact us, the sooner we can help. The Customer Care team will refer you to a specialist who will thoroughly review your unique situation to find a solution for you. The process is called the "Loss Mitigation Review".

The basic steps of the Loss Mitigation Review are as follows:

  • Initial Review - If you are experiencing difficulty with your mortgage payments, call us to discuss your situation. Please be prepared with your loan number, the monthly pre-tax income for each borrower and information about your current financial hardship.
  • Document Collection and Review - If our initial review of your situation determines that your loan could be eligible for loss mitigation, we will send you a package requesting the documents needed to complete the evaluation. Sign and return the information to us as soon as possible. If we do not receive your documentation by the date requested we will not be able to review your loan. Start collecting your documents now by clicking here.
  • Evaluation Notice - The Evaluation Notice is the conclusion of the Loss Mitigation Review. It is a letter sent to you that describes which, if any, Loss Mitigation Option(s) that you may be eligible for.

Good Foreclosure Alternatives

After the completion of the steps of the Loss Mitigation Review, your Evaluation Notice will describe which foreclosure alternative you are eligible for.

Below are some of the foreclosure alternatives that could be available to you:

Forbearance

An offer by your Shellpoint to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.

  • Have time to improve your financial situation and get back on your feet
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Repayment Plans

An agreement between you and your Shellpoint that lets you pay the past due amount—added on to your current mortgage payments—over a specified time period to bring your mortgage current.

  • Resolve your delinquency
  • Catch up on your past due payments over an extended period of time
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Loan Modification

An agreement between you and your investor to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc.

  • Allows you to make a trial payment plan before permanently modifying the mortgage to enable you to make sure you can afford your home after modification
  • May reduce your monthly mortgage payments to a more affordable amount
  • Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Homeowners who are struggling with their mortgage payments are facing tough choices—do you stay in a home you may no longer be able to afford or should you try to leave? While it may be difficult to think about leaving your home and making this decision, it may be the best option if other solutions to keep you in your home are no longer viable.

Short Sale

A short sale is the sale of a home for less than the balance remaining on your mortgage. If your investor agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

  • Eliminate or reduce your remaining mortgage debt
  • Assistance for relocation may be available
  • Start repairing your credit sooner than if you went through a foreclosure

Deed-in-lieu

With a Mortgage Release (Deed-in-Lieu of Foreclosure), you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.

  • Eliminate your mortgage debt
  • May be eligible for in relocation assistance
  • Start repairing your credit sooner than if you went through a foreclosure
  • Have flexibility and control over exiting your home—choose to vacate immediately, stay for up to three months (without paying rent), or lease the home for up to one year

Making decisions about your mortgage when you’re facing financial challenges can be uncomfortable and overwhelming. And with so much information available, it’s hard to know where to turn. Shellpoint is ready to assist you in exploring the best option for your individual situation! Call us today at 1-800-365-7107.

HUD Approved Counseling

Talk to a HUD-Certified Counseling Agency – For Free. If you’re having trouble paying your mortgage or you’ve already gotten a delinquency notice, free help is a phone call away. Call 1-888-995-HOPE for free personalized advice from housing counseling agencies certified by the U.S. Department of Housing and Urban Development (HUD). This national hotline – open 24/7 – is operated by the Homeownership Preservation Foundation, a nonprofit member of the HOPE NOW Alliance of mortgage industry members and HUD-certified counseling agencies. For free guidance online, visit www.hopenow.com.

Forms

Shellpoint Mortgaging Servicing is dedicated to developing workable alternatives that avoid foreclosure and other legal actions. In an effort to better serve you, we have provided the documentation below for your review. Understanding that each borrower's situation is unique, please review the following information that is applicable to your need. If you need the assistance of a live representative, visit our Contact Us page.

Borrower Assistance Form

ACH Draft Form

4506-T

Dodd-Frank Certification Form

Non-Borrower Authorization

Worksheets

Monthly Expense Tracking

Amortization Schedule

References

Ask Doctor Debt 

National Foundation for Credit Counseling 

Shellpoint Mortgage Servicing is proud to be a part of the Shellpoint LLC family.

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