Your Loan Service Center
Franklin Home Retention
Get Acquainted With Your Loss Mitigation Options*
PAYMENTS ALTERNATIVES - QUICK REFERENCE GUIDE
|Alternative||What Happens?||How might this benefit you?|
|Repayment Plan||Your delinquent payments are distributed over a period of time, usually no more than 12 calendar months. An additional monthly amount is added on top of your regular mortgage payment.||1. Brings your account current within a specific timeframe.
2. You can go forward confidently knowing your home is secure.
|Loan Modifications||1. Reduce your interest rate, lowering your monthly payment for one year.
2. Defer the current delinquent months to the end of the loan, extending your maturity date and adding the interest to a balloon payment at the payoff of the loan.
|1. Allows you to make a reduced payment for one year
2. Brings your account current immediately.
|Short Sale||The acceptance of a reduced amount to release the lien in order to sell the property.||1. Begin rebuilding credit.|
If you need assistance with your mortgage please prepare the following documents and contact our office at 1-800-650-7162. Any available representative will be able to assist you. You may also email these documents to firstname.lastname@example.org or fax them to 201-839-4565 and a representative will get back to you within 24-48 hours.
Proof of Income
Proof of Home Owners Insurance
To contact a HUD-Certified Housing Counseling Agency call 1-800-569-4287.
* This is not an offer to provide any Loss Mitigation Program or to provide any Loss Mitigation Program under any particular terms. Certain restrictions apply. All Loss Mitigation Programs, as applicable to your particular loan, are subject to final underwriting approval. Franklin Credit reserves the right to change any Loss Mitigation Program at anytime.