General Assistance Questions
What if I file bankruptcy while I am working with you?
We have options available through our mortgage assistance department to work with you during an active bankruptcy. Please consult with your bankruptcy attorney or trustee to discuss your options. For us to work with you during an active bankruptcy, writtn permission from your trustee is required.
FORECLOSURE
What is foreclosure?
Foreclosure is the process by which the lender takes back ownership of a property when a borrower is in default.
In most cases, your mortgage contract defines the circumstances by which your account will be considered delinquent.
If you are experiencing difficulty making your mortgage payment, contact us to discuss possible payment assistance options to prevent foreclosure.
If I am working with Carver, will this prevent the foreclosure from happening?
The goal of loss mitigation is to avoid foreclosure. A foreclosure sale can be postponed (if necessary) to allow enough time to complete the transaction.
Can you still help me if I am already in foreclosure?
Yes, we can continue to work with you in seeking a solution all the way up to the foreclosure sale date.
OPTIONS AND COSTS
What mortgage assistance options are available to assist me?
Forbearance
Upon qualification, we will collaborate with you to temporarily suspend or reduce your mortgage payment for a specified period. This option will not bring your account current and other arrangements must be made at the end of the forbearance period.
Mortgage Modification
A mortgage modification is a permanent written agreement between you and Carver that changes one or more of the original terms of the loan such as the interest rate, monthly payment, maturity date, or principal balance. This is determined after thoroughly reviewing your financial information. This option allows you to bring your account current and prevent your home from going to foreclosure sale.
Repayment Plan
A repayment plan is an arrangement that gives you a fixed amount of time to bring the delinquent mortgage payments current by paying the normal monthly payment plus an additional amount. If all scheduled repayment payments are made as agreed, this will prevent your loan from going to foreclosure sale.
Deferment
A deferment is an option that reinstates your loan by converting all, or part of, your past-due amount to a non-interest-bearing balance that is due and payable at the maturity date or payoff of your loan.
Collateral Based Resolutions
A collateral-based resolution is a mortgage assistance option by which you work with your mortgage lender to relinquish ownership of the property without going through the foreclosure process.
This may be a good option if you do not intend to reside in the home.
Collateral-based resolutions may be beneficial to you because: they reflect more positively on a credit report, help avoid any later delinquencies that you might otherwise owe on the debt, and they can eliminate additional financial commitments such as trustee interest (often owed when bankruptcy is filed.)
Pre-foreclosure Sale
The pre-foreclosure sale option allows a borrower in default to sell the property and use the sale proceeds to satisfy the mortgage debt, even if the proceeds are less than the amount needed to pay the loan in full. This option is subject to approval by your lender, investor, and mortgage insurance company, if applicable.
Deed-In-Lieu of Foreclosure
Should all other mortgage assistance options prove to be unsuccessful; we can consider deed-in-lieu. The Investor/Insurer may agree to accept the deed of the property in lieu of foreclosure, which may release you from all obligations under the mortgage.
Additional Resources for Mortgage Assistance
For a list of HUD-approved housing counseling agencies that can provide free foreclosure prevention, debt management information, and may be able to provide translation or other language assistance, contact one of the following federal government agencies:
- The US Department of Housing and Urban Development at (800) 569-4287 or www.hud.gov/counseling
- If you have a hearing or speech impairment, you can call HUD’s toll-free number via TTY by calling the Federal Information Relay Service at (800) 877-8339
Use the CFPB’s “Find a Counselor” tool to get a list of counseling agencies approved by the Department of Housing and Urban Development (HUD). You can also call the HOPE™ Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673).
If the mortgage is owned by Fannie Mae or Freddie Mac, additional information on how to avoid foreclosure, including help for military servicemembers, can be found at these websites:
- Fannie Mae owned mortgages: www.fanniemae.com
- Freddie Mac owned mortgage: www.freddiemac.com
To see if Fannie Mae or Freddie Mac owns the mortgage, please visit:
- Fannie Mae: www.fanniemae.com
Freddie Mac: www.loanlookup.freddiemac.com
What if I have questions about how to bring my account current?
We are here to help! Please call us 1-855-860-2278 to speak with our loss mitigation department and explore your mortgage assistance options.
How much does mortgage assistance cost?
Most of our mortgage assistance options are free, and some may even help lower your payments—saving you money each month.
However, we may require you to settle a portion of your delinquent balance as a sign of good faith.
What if I have a question about my options since I am behind on my loan?
We are committed to helping you explore all available mortgage assistance options as alternatives to foreclosure.
