Home equity line of credit (HELOC)

Payment relief

When challenges in life emerge, help is closer than you think.

If you’re experiencing financial hardship, we’re here to help with personal loan payment relief. Read our HELOC payment relief guide to know your options and how to apply.

How we’re helping borrowers

Offering payment relief options on qualifying HELOCs.

Providing loan modifications to lower your payments when available.

Giving you guidance to help you be confident in your financial future.

HELOC payment relief guide

Sometimes things happen in life that limit your ability to keep up with your payments. We understand, and we can help. First, we’ll look at options to let you stay in your home—we have several. If you can’t stay in your home (or choose not to), we’ll look at ways to help you liquidate your property to avoid foreclosure. Together, we’ll consider all options available to you based on the type of account you have.

 

Understand your options.

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.

How to get started

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.

  1. Document your hardship.

    Be prepared to share evidence of circumstances that have caused you difficulty in making your monthly payments (i.e. income reduction, divorce, medical issues, etc.).
  2. Gather your information.

    We need a complete understanding of your financial situation to determine the best option for you. Please have the following supporting documentation available:

    1. Two most recent pay stubs, along with the current year’s W-2 (if applicable), or the last two years’ individual tax returns if self-employment or rental income was received
    2. Documentation of additional income (unemployment income, rental income, etc.)
    3. First mortgage payment information and account numbers (most recent statement)
  3. Call or email us today.

    Consumer Home Loan Specialists are ready to help and can be reached by calling 866-519-3479, Monday through Friday, from 8 am to 6 pm ET. Please have your full Truist Bank real estate secured account number ready.
What you’ll need for a Loss Mitigation Application

You can submit these required documents via email at STB.homeequityhelp@truist.com.

Additional forms may be required.

For short sale and deed-in-lieu requests, you must send in everything referenced, plus: 

  • Two most recent bank statements
  • Last two years of complete tax returns 

And, if applicable: 

 

How to properly document each income type

Source of income Required documentation
Wage earner (W-2 employee)

Most recent paystubs that reflect the last 30 consecutive days of year-to-date earnings for each employed borrower and most recent W2

Child support/alimony

Alimony, child support or separate maintenance income do not need to be revealed if you do not choose to have it considered for repaying the loan. To include that income, submit:

  • Copy of court ordered document that states amount of the alimony, child support or maintenance payments and the period of time over which payments will be received
  • Most recent bank statements that reflect the last 60 days showing receipt of payment

Social Security and assistance

Including but not limited to: Social Security, disability, death benefits, pension, public assistance, adoption assistance

  • Award letter dated within the current year
  • Most recent bank statements that reflect the last 60 days showing receipt of payment

Self-employed

Complete prior two years signed personal tax returns

Rental income

Copy of current lease agreement

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.

Frequently asked questions about HELOC relief

Component ID : "accordionGridLayout-1717035340"
Model : "faq"
Position : "left"

You may contact us at 866-519-3479. We’re here to help.

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.

Yes, HUD-approved counselors are available to provide you with the information and assistance you may need to avoid foreclosure. You can use the HUD search tool to find a counselor near you.

Foreclosure prevention has become a target for scam artists. We suggest using the HUD website to locate a counselor near you.

Additional resources 

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”).