A Consumer Home Loan Specialist can help you understand which paths are available to you—and which would be the best choice.
|Option||What happens?||How does it help?|
|Reinstatement||You pay the past due amount in a lump sum to bring your account current.||This lets you avoid foreclosure and/or additional collection activity.|
|Payment deferral||You make reduced payments or no payments for a specific period of time.||This gives you time to improve your financial situation and get back on your feet.|
|Modification||Unlike a refinance, your loan isn’t replaced with a new one. But specific terms may be changed to address your situation.||Your loan terms become more manageable and your payments more affordable.|
|Short sale||You sell your home and pay off a portion of your balance when you owe more on the home than it is worth.||This allows you to transition out of your home without going through foreclosure.|
|Deed-in-lieu of foreclosure||Ownership of your property is transferred to Truist.||This allows you to transition out of your home without going through foreclosure. This is useful when there are no other liens on your property.|
If your HELOC is delinquent, you may have received notification from Truist. It contains instructions for a Loss Mitigation Application. These steps are also listed below.
You can submit these required documents via email at STB.firstname.lastname@example.org.
For short sale and deed-in-lieu requests, you must send in everything referenced, plus:
And, if applicable:
Please note that other income documents may be required. You may submit these documents through our secure mail link, by fax at 866-243-7720, or by mail. You will receive a call from us once your information has been reviewed.
There should never be a fee from your servicer or a qualified counselor to obtain assistance or information about foreclosure prevention options. However, foreclosure prevention has become a target for scam artists.
Be wary of companies or individuals offering to help you for a fee, and never send a payment to any company other than the one listed on your monthly statement or one designated to receive your payments under a state assistance program.
It then becomes your Borrower’s Response Package. We will contact you to confirm receipt and will review your application to determine whether it is complete. We’ll send you a notice of incompleteness in the event anything is missing.
You remain obligated to make all payments as they come due, even while we are evaluating the types of assistance that may be available.
Yes, the sooner the better! If you have another lien on your property and that lien holder is pursuing foreclosure activity, Truist cannot stop their foreclosure action. You must contact that lien holder directly to discuss options to avoid foreclosure.
No. We will not proceed with a foreclosure sale and sell the property if you accept a loss mitigation retention or liquidation workout option for which you have been approved. Please note, if you have another lien on your property and that lien holder is pursuing foreclosure activity, Truist cannot stop their foreclosure action. You must contact that lien holder directly to discuss options to avoid foreclosure.
The status of your loan will be reported to credit reporting agencies along with your entry into a payment deferral or modification. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. This is in accordance with the requirements of the Fair Credit Reporting Act.
While the effect on your credit will depend on your individual credit history, credit scoring companies may consider entering into a plan with reduced payments as increasing your credit risk. As a result, entering into a plan with reduced payments may adversely affect your credit score, particularly if you are current on your mortgage or otherwise have a good credit score.
Assistance with loans owned by Truist. If you have a mortgage serviced by Truist that is not a HELOC, you can find more information on loan modification programs here.
Foreclosure prevention information. The U.S. Department of Housing and Urban Development (HUD) offers foreclosure prevention information. Contact HUD at 800-569-4287 or www.hud.gov/counseling for information about HUD-approved counseling agencies that may provide assistance.
Resources for servicemembers. The Servicemembers Civil Relief Act (SCRA) provides important financial and legal protections to service members, including caps on interest rates, stays of certain legal proceedings, protection from eviction, and termination of leases without repercussions. Read the Servicemembers Civil Relief Act Notice (PDF) to learn more, or visit www.militaryonesource.mil (search for “SCRA”).