Alternative Home Loan Payments
|
Solution |
Features |
Description |
|---|---|---|
|
Solution Repayment Plan
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Features Brings your account current with realistic monthly payments.
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Description Distributes your delinquent payments over a period of time. The arrearage payment is added to the usual mortgage payment.
|
|
Solution Loan Extension (For home equity lines of credit only).
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Features Allows you to skip up to two payments
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Description Allows you to defer interest-only payments that are due and add them to the balance of the loan.
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Solution Forbearance
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Features Provides short term financial relief
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Description Allows for payment reduction or suspension if you are experiencing a temporary financial hardship and pay back the arrearage over the original remaining term of the loan.
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Solution Loan Modification (first mortgages only)
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Features Reduce monthly payments for a fixed period of time
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Description Allows for payment reduction if you are experiencing qualified extended financial hardship through rate reduction, term extension, and/or interest-only payments.
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Solution Deed in Lieu of Foreclosure
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Features Avoids the lengthy process involved in foreclosure
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Description If you are unable to maintain payments and cannot sell the home for the amount that is owed on the loan Tech CU would accept ownership of the property in place of the money owed on the mortgage.
|
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Solution Short Sale
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Features Generally has a less negative impact on your credit rating than foreclosure
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Description If you are experiencing a long term financial hardship Tech CU would accept the sale of your home even if the sales proceeds are not enough to satisfy the amount owed on the loan.
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Not all options are available on all home loans or in all circumstances. Borrowers must apply and be approved for any alternate payment.
