Having Trouble Making Your Payments
First Centennial Mortgage Corporation is proud to offer assistance to borrowers who are experiencing hardships that impact their ability to maintain their mortgage obligations.
There are alternatives to FORECLOSURE but you must take action immediately and CALL US TODAY. Call (855) 281-9800, Option 4, to speak with a Loss Mitigation Specialist/Loan Counselor who can discuss your situation with you and may be able to help you avoid foreclosure.
Depending on your individual circumstances, you may be eligible for one of various repayment solutions, such as:
Forbearance: A forbearance is a temporary postponement of your regularly scheduled mortgage payments. It can be a partial forbearance, in which you are still required to make a reduced monthly payment, or a full forbearance, where the entire payment is put on hold.
A forbearance is most helpful in providing temporary relief for sudden, unexpected hardships that are expected to be resolved in less than a year. A common example would be a natural disaster, in which the property requires repairs and there may be a delay in receiving insurance proceeds.
Repayment Plan: A repayment plan allows a borrower who has fallen behind in their obligations to make an increased payment for a designated amount of time, with the extra amount going towards the missed payments until the loan is completely current. Repayment plans do not provide payment relief, but do provide a way to help delinquent borrowers become current without having to fully reinstate the loan in one lump sum payment.
A repayment plan may be appropriate, for example, if you can normally afford your mortgage payment, were unable to pay for a short period of time due to an unforeseen circumstance, and cannot afford to pay all of the missed payments at once in order to bring the loan current immediately, but can afford a slightly higher monthly payment each month.
Modification: A loan modification brings your account up to date immediately by adding past due interest and escrow payments to the unpaid principal balance and re-amortizing your payments over a new term, and results in a permanent change to one or more of the terms in your mortgage agreement. In order to be considered for a loan modification, you must be able to document a qualifying hardship that has or will impair your ability to maintain the original terms of your contract over a long-term or permanent basis. You must also be able to document your ability to afford the new modified payment.
A loan modification may result in a temporary or permanent change of interest rate, an extension of your loan term, and/or an increase in the principal balance of your loan to account for any missed payments and arrearages. Certain government-backed loans may also be eligible for a principal forbearance.
Short Sale: A short sale allows a borrower to sell their property even if the proceeds from the sale will not fully satisfy the mortgage debt. In order to pursue a short sale, you must list your property with a qualified real estate agent and receive an offer from an unrelated third party. You may be required to make a cash contribution or sign a promissory note for all or some portion of the mortgage debt in order for the sale to be approved.
Deed-in-Lieu of Foreclosure: A deed-in-lieu of foreclosure is a last resort option in which you voluntarily sign over the deed to the property. In order to be considered for a deed-in-lieu, you must first pursue a short sale by listing the property for sale at market value with a realtor for an extended period of time.
To determine your eligibility for any of these options, we may ask you to complete a personal financial statement and to provide documentation such as your two most recent bank statements and payroll stubs, your most recent income tax return, and your expectations for future income. We may also require access to your property to determine its current value.
You may wish to contact a CREDIT COUNSELING AGENCY to assist you. The Department of Housing and Urban Development (HUD) can provide you with the name and address of the local HUD approved counseling agency by calling their toll-free hotline at 800-569-4287.
Keep in mind that any decision to offer a Work Out Option is made on a case by case basis; the decision is dependent on the information you provide us and such an offer is not guaranteed. It is, however, important that you call us as soon as possible.
Any existing foreclosure action will not be stopped unless a work out option is agreed to and finalized by all parties; all fees and charges incurred must be paid but may be included in the work out option.
Washington: If your property is located in Washington, you may contact the Department of Financial Institutions, the Washington State Bar Association, or the statewide civil legal aid hotline for possible assistance or referrals at 1-877-894-HOME (4663).