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.

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.