What is Loss Mitigation?
If you are experiencing financial difficulty and are behind in your loan payments please call First National Bank of America to learn more about potential loss mitigation options and for instructions on how to apply. A Credit Services Representative can be reached at (800) 642-4578 between the hours of 8 a.m. to 9 p.m. Monday through Friday and 9 a.m. to 3 p.m. Saturday, Eastern Time. The longer you wait, or the further you fall behind on your payments, the harder it may be to find a solution.
The following loss mitigation options may be available (most are subject to lender approval):
- Enrollment in a forbearance/repayment plan*
- Refinance with another lender*
- If you are unable to continue paying the mortgage, the best option may be to find more affordable housing. As an alternative to foreclosure you may be able to sell the home and use the proceeds to pay off the current loan.
*You may be required to provide the following documents in order to determine your debt and income:
- Your most recent tax returns
- Recent pay stubs or other income verification
- Recent bank statements
Conversely, there may be non-home-retention alternatives, including (subject to lender approval):
- Quit Claim Deed
- Deficiency waiver (if applicable)
- Short sale
If you need additional help exploring your options, the Federal government provides contact information for housing counselors, which you can access by contacting: www.consumerfinance.gov/mortgagehelp, or www.hud.gov or by calling the HUD Housing Counselor List Telephone Number at (800) 569-4287.
