[BORROWER 1 NAME] [BORROWER 2 NAME]
[CITY, STATE ZIP CODE]
Reference: [LOAN NUMBER]
Subject: Unable to Contact You During Your Forbearance Plan – Offer Enclosed
Dear [BORROWER NAME(S)]:
We have been trying to reach you during your forbearance plan to discuss your situation and to provide information on options that may be available to you to resolve your delinquency. We would like to offer you an opportunity to enter into a more permanent solution. You have options, but you must act now. We are here to help. If you have questions about the options listed below, please contact us immediately.
Can You Resume Your Regular Monthly Mortgage Payment?
You have been approved for a payment deferral. This is a solution that brings your mortgage current, prevents foreclosure, and delays repayment of the mortgage payments you missed during your forbearance plan. If your hardship has been resolved and you are able to resume making your mortgage payments following your forbearance plan, a payment deferral may be the best option to immediately bring your mortgage current. Please refer to the enclosed payment deferral agreement for more details on this offer and how to accept it.
Do You Need More Affordable Monthly Mortgage Payments?
If your hardship has been resolved but you are not able to continue making your mortgage payments following your forbearance plan, you may be eligible for a loan modification that could lower your monthly mortgage payment. The loan modification changes the terms of the loan and targets lowering your monthly mortgage payment by extending the loan term to 40 years from the date of the modification. If you complete a loan modification, it will bring your loan current and prevent foreclosure. Contact us if you would like to explore a loan modification.
[Use only if the borrower has been on forbearance for less than 12 months] Do You Need More Time to Resolve Your Hardship?
You may need more time to resolve your hardship before we can determine what long-term solution best works for you. If so, an extension of your forbearance plan may be available. To receive an extension, you must contact us to discuss your options.
Unable to Resolve the Delinquency or Prefer to Leave Your Home?
You may have other options to avoid foreclosure.
- A short sale: the sale of your property for a price that is less than the amount you still owe on your mortgage.
- A Mortgage ReleaseTM (deed-in-lieu of foreclosure): the transfer of ownership of your property to us in exchange for release of some or all of the amount you still owe on your mortgage.
If you are approved for a short sale or Mortgage Release and complete the necessary steps, we will cancel your remaining mortgage debt obligation. Cancellation of debt may have tax consequences. Please consult a tax advisor to discuss potential tax consequences.
QUESTIONS? CONTACT US
Email Address: [SERVICER’S EMAIL]
Website: [SERVICER’S WEBSITE]
We encourage you to review the enclosed payment deferral agreement which includes instruction on how to accept the offer. Thank you for your prompt attention to this matter. We are here to help you with your mortgage.