Homeowner Assistance Programs
Sometimes your financial picture changes, making it challenging to cover your monthly mortgage payment. If you find yourself in this situation-even if you've missed a payment or two - you may be able to keep your house by taking advantage of one of our homeowner assistance programs. Depending on your circumstances, staying in your home may not be possible. However, Santander Bank can still help explain your options and provide guidance.
Here are the documents we'll need in order to assist you:
- An explanation of the financial hardship that is making it difficult to pay your mortgage.
- Recent pay stubs, and/or other evidence of your income, bills, and expenses, as well as a list of your assets.
- Your recent tax returns.
Contact Us for Help With Homeowner Assistance Programs
To get help determining which option may be best for you, contact Santander Bank's Loss Mitigation team. If you're interested in homeownership counseling, please contact the Federal Department of Housing and Urban Development.
Available Homeowner Assistance Programs
We have an array of solutions that may help ease your financial burden. From refinancing to a home loan modification with more manageable terms to a temporary (or permanent) solution until your finances get back on track, our available Homeowner Assistance Programssolutions are outlined below:
|Refinance||Receive a new loan with lower interest rate or other favorable terms.||Makes you payment or terms more affordable.|
|Reinstatement||Pay the total amount you owe, in a lump sum payment by a specific date. This may follow a forbearance plan as described below.||Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future.|
|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 Plan||Make reduced mortgage payments or no payments for a specific period of time.||Allows you time to improve your financial situation and get back on your feet.|
|Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a "trial period" (i.e., completing a three month trial period plan).||Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship.|
|Short Sale||Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth.||Allows you to transition out of your home without going through fore-closure. In some cases, relocation may be available. This is useful when there are no other liens on your property.|
|Deed-in-Lieu of Foreclosure||Transfer the ownership of your property to us.||Allows you to transition out of your home without going through fore-closure. In some cases, relocation may be available. This is useful when there are no other liens on your property.|
Note: the options shown in the chart above may not be available to all borrowers based on the owner of your loan.