We want to help you avoid foreclosure - which means you would lose the title to your home, negatively impacting your credit score and keeping you from obtaining financing in the future.
The first step you should take is to review the options below and please call us at 1-800-748-9498 anytime between 8 a.m. and 8 p.m. CT on weekdays (except on Fridays which will be open until 6 p.m.) or on Saturdays from 8 a.m. to 12 noon CT. Talking to us is the best thing you can do for your situation.
| Preserving Your Home |
Being a homeowner is a dream you don't want to lose, but perhaps temporary circumstances have created a hardship. If staying in your home is your goal, you have options that include:
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Repayment Plan |
Pay back the past-due payments over time. (Example: You are three months past due. Regions works out an agreement to your current due payment and a portion of your past due payments per month until your account is current again.)
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Special Forbearance |
Agreement between you and Regions to suspend actions for a stated amount of time. (Example: Your disability income will begin in 30 days and at that time, you will be able to bring the account current or begin a repayment plan. Regions agrees to cease additional activity for 30 days to allow you the chance to begin to recover.)
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Modification |
A change in the term and conditions of your loan to help you recover from your financial hardship. (Example: Your loan was 240 payments but Regions extended it to 242 payments since you are unable to pay on the agreed upon date for two months.)
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Reinstatement |
Allows you to pay all past due payments and owed fees. (Example: Your account is out with an attorney, but you receive funds from your 401K to pay the account current again.)
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Additional options |
There are other, less common options that may apply to your circumstances. Call us and discuss.
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OR
| Relief of Debt |
If you are not interested in maintaining ownership of the property, but are interested in full or partial relief of debt the following options may be available to you.
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Temporary forbearance while selling your home |
Agreement between you and Regions to suspend additional foreclosure actions for a stated amount of time. (Example: You have sold your home but the closing is scheduled 30 days from now. Regions may agree to stop any additional foreclosure related action to allow you the opportunity to close on the sale of your home.)
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Pre-Foreclosure Sales (Short Sale) |
Agreement to accept a lesser amount than is owed to release lien against the property so that it can be sold. (Example: You receive an offer for $100,000.00 on your home. You owe Regions $130,000.00 and work out arrangements to pay back the remaining $30,000.00 on different terms.)
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Deed in Lieu |
Agreement between you and Regions to transfer title of the property to the bank. This is a process that is decided by Regions. (Example: You have had the property for sale for 12 months no offers. You have moved to another state and can no longer afford to keep up two mortgage payments, taxes and insurance.)
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Please call us at 1-800-748-9498 anytime between 8 a.m. and 8 p.m. CT on weekdays (except on Fridays which will be open until 6 p.m.) or on Saturdays from 8 a.m. to 12 noon CT.
If you would like to get started now, please complete this form which will help us work with you in determining the alternative best suited for you. Once you have completed the form, you can submit it to us in one of the following ways and a Regions representative will contact you within approximately 3 – 5 days.
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HUD
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1-800-569-4287 |
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Neighbor-Works Help
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1-888-995-HELP (4673) |
Download Payment Hardship Form (English) (pdf)1
Download Payment Hardship Form (Español) (pdf)1
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