Behind In Your Payments?
Life often has its ups and downs. We understand that sometimes there are circumstances that cause people to fall behind in their mortgage payments. Most of the time they can catch-up. However sometimes, despite their best efforts, they find themselves in a financial crisis.
We may be able to help. Options to avoid foreclosure may be available to you through your lender or through Redwood Mortgage, as servicing agent for your lender. While it is best to contact Redwood Mortgage before a foreclosure has been commenced, certain options to avoid foreclosure may be available after the notice has been filed depending on the facts of your case.
For borrowers who can prove to the lender’s satisfaction that they are unable to afford their mortgage payments and who wish to avoid foreclosure, depending on the facts of a particular borrower’s situation, the options to avoid foreclosure that may be available, subject to your lender/servicing agent’s consent, are:
- Short Sale
- Forbearance Agreement
- Loan Modification
- Interest Deferral
- Reduction of Interest Rate
- Deed in Lieu of Foreclosure
If you have a loan that is being serviced by Redwood Mortgage, please contact us toll free at 1-800- 659-6593 ext. 215 to discuss whether you may qualify for any option to avoid foreclosure.
Upon contacting Redwood Mortgage, we may request any or all of the following:
- Updated application (download Loan Workout Application form);
- Statements from senior liens showing change in payment amount and/or interest rate;
- Bank statements;
- Pay stubs or tax returns showing current income;
- Appraisals or broker price opinions showing a significant decline in value;
- A written statement requesting a change to the loan with your reasons for the change, along with the changes in your circumstances since applying for the original loan;
- Agent Authorization Form if borrower has a third party negotiator (download Borrower Designation – Authorization form);
- Other documentation may be required
Additionally, the toll-free number made available by the United States Depart of Housing and Urban Development (HUD) to find a HUD-certified housing counseling agency is 1-800- 569-4287 or TTY/TDD 1-800-877- 8339. You may find other useful consumer information on foreclosure alternatives on the HUD website at http://www.hud.gov/faqs/faqforeclose.cfm including an article on “Tips for Avoiding Foreclosure”.