Are you struggling to make your monthly mortgage payments?
We’re here to help. Give us a call at 866-827-0007 Off Site Link or fill out the form below to learn more about your options.
Si necesita traducción al español de este documento, por favor llame al (866) 827-0007 de lunes a viernes durante el horario de 8 am a 5 pm para recibir asistencia de uno de nuestros asociados. Si no puede llamar durante este horario, por favor déjenos un mensaje en nuestro buzón de voz con el mejor horario del día para que alguien devuelva su llamada.
Explore potential mortgage assistance options
Whether your financial hardship is temporary or expected to last a longer time, we have options to help. Some options allow you to stay in your home, while some may require leaving your home to avoid foreclosure.
When your home is foreclosed, Sunrise Banks or a third party will acquire your property through a legal process. You will have to move or will be evicted, and your credit score and ability to get another mortgage may be affected.
If you find yourself unable to pay your mortgage, reach out to us as soon as possible. While it is possible to access mortgage assistance even if your property is already scheduled for foreclosure, the process becomes more difficult and timely. But your property will not be sold at a foreclosure sale if you are able to work with us to find a mortgage assistance option that works for you.
Options to Retain Your Home
Forbearance plans can help with temporary financial hardship that leaves you unable to pay your mortgage. While in forbearance, you and Sunrise Banks agree to suspend all or part of your monthly payment for a specific period of time. Interest will continue to accrue normally on your account during the period of forbearance.
Forbearance can help you avoid foreclosure and negative credit impacts while reducing your monthly payment to a level you can afford to pay during a period of financial difficulty.
Repayment plans can be used if you have fallen behind on payment due to temporary financial hardship but now can resume paying your regular mortgage—plus a little extra. To catch up on previous missed payments, each month you will pay your mortgage plus an additional amount that is applied to unpaid payments. Most repayment plans are spread out over 12 months. Repayment can help prevent foreclosure and avoid the worst of the damage to your credit score. Your income will need to be able to support the additional monthly payment amount before you can start a repayment plan.
Loan modifications change the terms of your loan to help make repayment possible for you. Depending on the terms of the loan modification and your current financial circumstances, your monthly payment may be reduced or increased.
A payment deferral can help when you can resume paying your regular mortgage payment but cannot afford a repayment plan.
Options to Sell Your Home
If you are in danger of foreclosure and your home is worth less than the remaining mortgage, you have the option of a short sale. Sunrise Banks and real estate agent will help determine the value of your home and sale price.
While you may still have to repay the difference between the sale cost and the remaining value of your mortgage, this option can be better than a foreclosure; with a short sale, you can remain in the home until the new owner closes, and in some cases may receive relocation assistance.
If you can’t afford your monthly mortgage payment and even if the foreclosure process has already started, you may be able to deed your home back to Sunrise Banks. This helps you avoid fees and might release you from your remaining mortgage obligation. In some cases, you may also be able to receive relocation assistance.
Resources
It should never cost you money to get help or information about foreclosure prevention options from your mortgage provider or a housing finance agency.
Watch out for foreclosure rescue scams.
There are many scammers who will try to take advantage of someone going through foreclosure. If the offer seems too good to be true, it probably is. And if someone asks you to pay up front for foreclosure help, they probably don’t have your best interests in mind. If you have any doubts about whether or not an offer is legitimate, contact us first.
Here are four signs of scams to watch out for:
Learn More About ScamsIf you think you’ve encountered a scam:
Visit https://www.consumerfinance.gov/complaint/ Off Site Link to submit a complaint and get information on how to fight back. You can also call (888) 995‐HOPE (4673) and tell the counselor about your situation and that you believe you were scammed or know of a scam.
You can get free financial counseling.
As a Sunrise Banks customer, you qualify for free financial counseling through our partner LSS Financial Counseling. Off Site Link
Learn More About Your OptionsDo you have financial wellness questions?
Debt can feel overwhelming. To learn more about your options for getting out of debt, you can explore our financial wellness tools through Banzai. Off Site Link
Learn More About Financial WellnessAdditional Resources
In addition to the resources above, the U.S Department of Housing and Urban Development (HUD) may be able to provide counseling. For a list of HUD-approved foreclosure counseling agencies and debt management information, contact HUD or the Consumer Financial Protection Bureau at:
- The U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or hud.gov/counseling
- The Consumer Financial Protection Bureau (CFPB) at (855) 411-2372 or consumerfinance.gov/mortgagehelp