Home Equity Payment Hardship
Home EquityBeing 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, Regions has a dedicated mortgage hardship team prepared to assist you.
We want to keep you in your home. Not taking action could result in the loss of your home, a negative impact to your credit score and keep you from obtaining financing in the future.
The first step to take is to review the mortgage hardship options below and then call us to discuss your situation at 866-298-1113 anytime between 7 a.m. and 6 p.m. CT Monday through Thursday and Friday 7 a.m. to 4:30 p.m. CT or on Saturdays from 8 a.m. to 12 p.m. CT. Talking to us is the best thing you can do to help your situation.
Beware of Foreclosure Rescue Scams
- Beware of any person or organization that asks you to pay a fee in
exchange for a counseling service or modification of a loan. - Beware of anyone who says he/she can “save” your home if you sign over
the deed to your house. Do not sign over the deed to your property to
any organization or individual unless you are working directly with your mortgage servicer. - Do not make your mortgage payments to anyone other than your mortgage
servicer without the servicer’s approval.
| 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 mortgage hardship options that include: | |
| Repayment Plan |
A repayment plan is a short-term mortgage hardship solution that allows you to get caught up on your mortgage with payments when you are experiencing short-term financial difficulty that is, or will soon be, resolved. If you have been delinquent on payments, this workout option will allow you to make regularly scheduled payments on your loan, plus repay a portion of the past due payments. In just a few months, your loan will be caught up, and you can return to making just your monthly mortgage payment. |
| Special Forebearance | Special forbearance is helpful when you are experiencing short-term financial difficulty that is, or will soon be, resolved. A special forbearance is the suspension of payments for a specified period of time. This mortgage hardship option is helpful when you need a few months of lower payments or no payments, after which you will be able to afford your full monthly payment. |
| Modification | A Loan modification is a change to the terms of your mortgage in order to cure a delinquency and avoid foreclosure. If you qualify, a modification may include reducing your interest rate, extending the term of your mortgage and/or capitalizing the delinquent payments. |
| Reinstatement | If you currently are facing foreclosure, a reinstatement will offer you the quickest method for resolving your mortgage foreclosure. With your foreclosure resolved, you can enjoy the security of your home. The reinstatement amount is the total amount that is past due including late fees and attorney costs. |
| Additional Options | There are other, less common mortgage hardship options that may apply to your circumstances. Call us and we can discuss your personal situation. |
| 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 mortgage hardship options may be available to you. | |
| Temporary Forbearance While Selling Your Home | An agreement would be reached between you and Regions to suspend additional foreclosure actions for a stated amount of time. If 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. |
| Pre-Foreclosure Sale (Short Sale) | A short sale may be appropriate if you can no longer afford to keep your home. You would sell your property for less than the outstanding balance of your loan and turn over the proceeds of the sale to Regions, sometimes (but not always) in full satisfaction of your debt. |
| Deed-in-Lieu | You avoid foreclosure by voluntarily surrendering your property by deeding it to Regions as satisfaction of your debt. A deed-in-lieu is useful if your property has been on the market as a pre-foreclosure sale for three or more months and there are legal obstructions to foreclosure action. A deed-in-lieu allows Regions to take possession of your property sooner than would be possible through foreclosure. |
| Reinstatement | If you currently are facing foreclosure, a reinstatement will offer you the quickest method for resolving your mortgage foreclosure. With your foreclosure resolved, you can enjoy the security of your home. The reinstatement amount is the total amount that is past due including late fees and Attorney costs. |
Please call us to discuss your mortgage hardship situation at 866-298-1113 anytime between 7 a.m. and 6 p.m. CT Monday through Thursday and Friday 7 a.m. to 4:30 p.m. CT or on Saturdays from 8 a.m. to 12 p.m. 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 business days.
| Mail to: | P.O. Box 10063 Birmingham, AL 35202 |
| Fax to: | 205-261-7231 |
| Email to: | equitycounselor@regions.com |
Would you like to consider additional resources?
- NeighborWorks® provides foreclosure solutions. Visit
http://www.neighborworks.org/Home.aspx or call 1-888-995-4673 for more information. - “5 Tips for Avoiding Foreclosure Scams” is provided by the Federal Reserve. For complete details, visit http://www.federalreserve.gov/consumerinfo/
- A list of counseling organizations is available from HUD at 1-800-569-4287.
