Helping You Through The Process
If you have experienced a financial hardship that has affected your ability to make your monthly residential mortgage payment, knowing what you can do and where to turn for assistance may help you avoid foreclosure and keep your home.
First Bank believes it is important to know your options. You might qualify for certain alternatives such as a repayment plan or a modification of the loan term. A pre-foreclosure sale allows you to sell your home and use the net proceeds to satisfy your mortgage debt even though the proceeds are less than what you owe. A deed-in-lieu of foreclosure will convey your interest in your home to us to satisfy your mortgage debt.
Ready To Assist
To learn more about your options, please contact us at 800-876-5566. Be prepared to discuss your monthly income and expenses. We will work together with you to discuss your available options. During our discussion we will need you to have the following information available:
- Completed Borrower Financial Statement
- A breakdown of your monthly expenses in detail
- Your most recent pay stub(s) with year-to-date earnings
- A copy of the most recent bank statement(s)
To assist you further, take advantage of helpful counseling through the Housing and Urban Development (HUD) Department. HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues.They can be reached at (800) 569-4287. First Bank also makes available to you helpful resources to learn more.
The Making Home Affordable Program
In 2009, the Obama Administration announced an initiative to help stabilize the housing market and help eligible homeowner’s refinance or modify their mortgage loans to prevent foreclosure. This Making Home Affordable program offers assistance to homeowners struggling to make their mortgage payments. The program is made up of two components:
Home Affordable Refinance Program – designed to assist homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac who have continue to make their monthly payments but are unable to take advantage of today’s low interest rates and refinance their mortgage loan due to falling property values.
Home Affordable Modification Program – designed to assist homeowners who are currently behind on their mortgage payments or those who anticipate financial difficulty as a result of the current economic environment.
Learn more about the program by visiting the Making Home Affordable Program website. This website provides information about the program and online self-assessment tools to assist homeowners determine if they are eligible for the program, and more.
First Bank Assistance
If you are currently delinquent or struggling to stay current with your mortgage loan at First Bank or First Bank Mortgage, you may be eligible for a Home Affordable Modification of your loan which may decrease the amount of your monthly mortgage payment.
Please reach out to us at 800-876-5566 and have the following information ready to review and discuss:
- Your monthly gross (pre-tax) income for all borrowers on the loan
- Recent pay stubs or documentation of income received from other sources
- Your most recent tax return
- Second home mortgage (if applicable)
- Credit cards - account balances, payment details
- Other Debt - account balances, payment details
- We look forward to assisting you and hope you find this information helpful.