Trouble Making Payments?
Help is available to homeowners experiencing payment difficulties. We will do everything possible to come up with a solution to help you. No matter what your situation, we are here to help. Different loan types may offer different types of assistance. Depending on the type of loan you currently have, you may be eligible for one of the following options:
Some of the options that may be available to you:
- Special Forbearance – suspended or reduced payments for a period of time followed by increased payments, full reinstatement, or another loss mitigation option
- Repayment Plan – a plan to catch up the past due amounts while continuing to make current payments
- Loan Modification – a permanent change in the term of the loan in order to bring the loan current
- Partial Claim – a promissory note and subordinate mortgage to cover the advances for past due payment, issued in the name of the Secretary of HUD
- Preforeclosure Sale – selling the property for less than the balance owed to satisfy the debt
- Deed in Lieu of Foreclosure – voluntarily deeding the property back to the lender to avoid foreclosure action
In order for us to evaluate you for one of the options above we will need the following information:
- Mortgage Assistance Application (Form 710): Provides details about yourself, co-borrowers, the property and your hardship. Include required documentation that you must submit to be considered for available solutions.
- 4506-T (IRS Form 4506T) Request for Tax Transcript: Provide this form to give WHEDA permission to obtain a copy of recent tax returns from the IRS.
- Income Documentation as outlined on Page 2 of the Borrower Assistance Form.
- Hardship Documentation as outlined on Page 3 of the Borrower Assistance Form.
- Bank Statements: Provide your most recent 2 months of statements for all banking and investment accounts. Include all statement pages.
- Federal Tax Return: Provide most recent Federal Tax Return with all schedules.
- If you have a Fannie Mae Loan, you must also provide:
- 710A (HAMP Government Monitoring Data Form): This form is an addendum to the Mortgage Assistance Application (Form 710).
And if you are interested in selling the property we’ll also need:
- A copy of the Offer
- A copy of the Listing agreement
- Preliminary Settlement Statement or Closing Disclosure
Once we receive your completed packet of information, we will work together to determine what option(s) are available. The approval process may take up to 30 days to complete once your whole package is received.
Find a credit counseling agency.
Sign up for Automated Clearing House (ACH), WHEDA's electronic network for financial transactions.
For questions or inquiries regarding specific delinquency management or default prevention processing or to submit a complaint or dispute, please contact the Quality Control & Compliance department at 800-334-6873 or email@example.com. Inquiries will be processed and reviewed within 5 business days.
Loss Mitigation FAQs