Mortgage Modification and Refinancing FAQs | Santander Bank

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Homeowner's Assistance

While home ownership is a long-term commitment, sometimes our circumstances change along the way. If you're experiencing financial hardship, Santander Bank is here to help. Whether you're looking for a way to lower your monthly payments or you've already fallen behind, Santander’s homeowner assistance programs can offer a helping hand.

Many borrowers who are current, but are struggling to make payments, and borrowers who have already missed one or more payments may be eligible for one of the options below. Depending on your current financial situation, there may be help we can offer that may assist you in avoiding the loss of your property and/or minimize the impact to your credit rating.

Useful Links and Documents

Homeowner Assistance Programs Overview Questions

Who is my "loan servicer"? Is that the same as my lender or investor?

Your loan servicer is the financial institution that collects your monthly mortgage payments, and has responsibility for the management and accounting of your loan. The servicer may also be the owner of the loan, or the servicer may be servicing the loan on behalf of an investor. If you have questions about whether your loan servicer owns your loan or is servicing it on behalf of a third party, you should call your loan servicer at the number on your payment coupon or monthly mortgage statement.

What information and documents will I need?

It will speed the processing of your application if you gather some information and documents before you call. For all borrowers on your loan, you will need:

Information about monthly gross income, including recent pay stubs if the borrowers are salaried and receive them, and documentation of any income received from other sources.
Most recent income tax return
Information about assets
Information about any second mortgage on the house
Account balances and minimum monthly payments due on all credit cards
Account balances and monthly payments on all other debts such as student loans and car loans
A hardship letter describing why your mortgage is unaffordable (i.e. what caused your income(s) to be reduced and expenses to be increased).

How do I apply for a modification under the Flex Plan or a Santander Home Loan Modification?

You should contact the Santander Bank Loss Mitigation Team at 1-866-397-5370 or via e-mail at LossMitinquiry@yourmortgageonline.com, and ask to be considered for Modification.

If you would like to speak to a housing counselor, you can call 1-888-995-HOPE (4673). HUD-approved housing counselors can help you evaluate your income and expenses, and understand your options. This counseling service is free.

Will the modified loan include property taxes and homeowners insurance?

Is housing counseling required under this program?

Borrowers, especially delinquent borrowers, are strongly encouraged to contact a HUD-approved housing counselor to help them understand all of their financial options, and to create a workable budget plan. These services are free. However, housing counseling is only required for borrowers whose total monthly debt are very high in relation to their income. It is voluntary for other applicants.

I do not live in the home that secures the mortgage I'd like to modify. Is this mortgage eligible for a "Flex Modification" or a Santander Home Loan Modification?

If your loan is owned by Fannie Mae or Freddie Mac, it is only eligible for a Flex Modification if the property is your primary residence. Even though loans on non-owner occupied properties are not eligible for modifications under the “Flex Modification" Program there are still other loss mitigation options that may be available to you. Misrepresenting your occupancy in order to qualify for this program is a violation of Federal law and may have serious consequences.

If your loan is owned by Santander Bank, you may still be eligible for a Santander Home Loan Modification even if you use the property as a vacation home or rent it out to tenants.

Contact the Santander Bank Loss Mitigation Team at 1-866-397-5370 or via e-mail at LossMitinquiry@yourmortgageonline.com for more details.

How much will a modification cost me?

Borrowers who qualify for a "Flex Modification" or a Santander Home Loan Modification will not be required to pay a modification fee or pay past due late fees prior to the date of modification. If there are costs associated with the modification, such as payment of back taxes, your servicer may give you the option of adding them to the amount you owe on your mortgage or paying some or all of the expenses in advance. Paying these expenses in advance will reduce your new monthly payment and save interest costs over the life of your loan.

Do I need to be behind on my mortgage payments to be eligible for a “Flex Modification" or a Santander Home Loan Modification?

No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, because their mortgage payment has recently increased to a level that is not affordable. If you have had or anticipate a significant increase in your mortgage payment or you have had a significant reduction in income or have experienced some other hardship that makes you unable to pay your mortgage, contact your servicer. You will be required to document your income and expenses, and provide evidence of the hardship or change in your circumstances.

¹ All loans subject to approval.