Brand Mortgage is here to help you!
We are committed to preserving neighborhoods and communities through continued homeownership. It is our desire to help all homeowners retain their homes whether you are looking for a way to make your payments easier each month OR you have fallen behind.
Please contact a mortgage default specialist at 1-855-232-8519.
Options to help you keep your home:
Options can vary depending on the current status of your loan, your individual situation, loan type, and other factors. To qualify for any of the options listed below, you will need to provide Brand Mortgage with current information about your income and expenses. Below is a list of sample options that may be available, each of the programs has its own eligibility requirements:
Repayment Plan – Pay back your past-due payments together with your regular payments over an extended period of time. Allows you time to catch up on late payments without having to come up with a lump sum.
Forbearance – Temporary reduction or suspension of your payments to allow you time to overcome the problem that reduced your income. Then you may be offered a payment plan so you can pay back the missed payments a little at a time until your loan is reinstated. An extended forbearance period may be provided to unemployed borrowers who are actively seeking employment.
Mortgage Modification – A modification is a permanent change to your loan in which the overdue payments may be added to your loan balance, the interest rate may be changed or the number of years you have to pay off the loan may be extended.
Partial Claim – This option is only available if your mortgage is insured by FHA. In a partial claim, a borrower receives a second loan in an amount necessary to bring the delinquent loan current. The loan is interest free and does not need to be repaid until you pay off your first mortgage or sell your house. This option is only available to borrowers with FHA-insured loans.
FHA-HAMP – This option combines an enhanced partial claim with a loan modification. Under the FHA-HAMP, the partial claim loan will not only include any amounts necessary to bring your mortgage current but may also include an amount to reduce your existing loan balance by up to 30%. The reduced loan balance will then be modified to lower your monthly mortgage payment to an affordable level. As described above, the partial claim is interest free, but must be repaid when you pay off your first mortgage or sell your house. This option is only available to borrowers with FHA-insured loans.
Brand Mortgage may require that you agree to a payment plan for three or more months to demonstrate your commitment before you are approved for a modification or partial claim.
Options if you can’t keep your home:
If your income or expenses have changed so much that you are not able to continue paying the mortgage even under a workout plan offered by Brand Mortgage, you should consider the options below:
Pre-foreclosure Sale – With Brand Mortgage permission you may list your house for sale and sell it at fair market value even if the amount you receive from the sale is less than the amount you owe. If you meet certain conditions, you may be eligible to receive relocation expenses.
Deed-in-lieu of foreclosure – As a last resort, you may be able to voluntarily deed your property back to Brand Mortgage. If you leave the property clean and undamaged you may be eligible to receive relocation expenses.
There could be income tax consequences to any plan that reduces the amount of debt you owe so check with a tax advisor before accepting these workout options.
The Hardest Hit Fund (HHF), program was created to help homeowners in states affected by housing price declines and the recession. If you are having difficulty making your mortgage payments and you live in a participating state the Hardest Hit Fund may be an option.
|Hardest Hit Funds Program by State||Visit your State’s website for program details, requirements and information on how to apply.|
|Home Affordable Refinance Principal Reduction Program||Florida||www.flhardesthithelp.org|
|Second Lien Unemployment Program||Kentucky||www.kyhousing.org|
|Second Lien Reinstatement Program||North Carolina||www.ncforeclosureprevention.org|
|Modification with State Contribution Program||South Carolina||www.schelp.gov|
|Principal Reduction Program||Tennessee||www.keepmytnhome.org|
|First Lien Relief Program|
|Second Lien Relief Program|
|Transition Assistance Program|
Help is available. Free assistance from HUD-approved housing counseling agencies is available to you. To locate a housing counseling agency near you visit: www.hud.gov/findacounselor or www.consumerfinance.gov/find-a-housing-counselor/ . You may also call HUD’s Housing Counselor Locator Service at (800)569-4287. Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800)877-8339. Comprehensive foreclosure assistance is available around the clock at (888)995-HOPE (4673).
Please call (855) 248-0530 to speak with a Brand Mortgage Loss Mitigation representative.
To find out more about FHA programs please visit www.hud.gov/fha and choose the avoid foreclosure option or contact the FHA resource center at 1-800-CALL-FHA (1-800-225-5342).
To find out more about Fannie Mae programs please visit www.knowyouroptions.com.
If you have a VA mortgage please visit www.va.gov to learn more about your options. You may also learn where to speak to a VA Loan Administration representative by calling 1-800-827-1000.
Military Service Members
Assert and protect your rights as a member of the Armed Forces of the United States. If you are or your spouse is serving on active military duty, including active military duty as a member of the National Guard or as a member of a reserve component of the Armed Forces of the United States, please send written notice of the active duty military service to Brand Mortgage Loss Mitigation Department.
Be aware of:
- Beware of foreclosure prevention scams! You may be approached by organizations with official sounding names offering a quick fix to your mortgage problems. They often charge hefty fees or require that you “temporarily” sign over your deed to them.
2. Never sign any papers you don’t fully understand.
3. Consult a lawyer, Brand Mortgage Loss Mitigation Representative, trusted advisor, or a HUD-approved counselor before entering into any deal involving a loan assumption, contract of sale or transfer of the deed to your home.
4. If you can’t afford your current mortgage, don’t be talked into refinancing into a new loan with a higher payment.
Notice of Error (NOE) or Request for Information (RFI). If you believe there is an error (“Notice of Error”) or if you need additional information (“Request for Information”) relating to the servicing of your mortgage loan, you must send a written NOE or RFI to the following address: 3415 George Busbee Parkway, NW, Kennesaw, GA 30144. Your NOE or RFI must include your name, loan number, and sufficient detail to inform us of the basis of your NOE or RFI.
COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 North Lamar, Suite 201, Austin, Texas 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT (877) 276-5550.