Sometimes life happens, and interferes with your ability to stay current on your mortgage payments. Understanding all of the alternatives that might be available to you in times of hardship can be overwhelming. Our team of experts is here to help you understand your options and ultimately assist you in finding a resolution suitable for you and your family.
Whether you are able to remain in the home or have to make the difficult decision to leave it – we have many routes available, including the following:
Program Name | Description |
HAF (Homeowners Assistance Fund) | An option to apply for federal assistance through your state to bring your account current. For more information on this program click here.
More information from the CFPB: HAF (Note: A number of states have run out of HAF funds and closed the program) |
Reinstatement | Payment in full of all open installments, late fees and loan charges. |
Repayment Plan | A plan that allows homeowners to pay a percentage of the past due balance each month together with the scheduled monthly mortgage payments until the loan becomes current – typically within six (6) months or less. |
Modification | When a homeowner cannot reinstate their loan or afford a repayment plan, a modification permanently changes the terms of a loan to cure arrearages In most cases, to qualify for a permanent modification, homeowners must first complete a Trial Plan which requires them to make reduced payments for a period of time in order to evidence their ability to afford modified payments. The Trial Plan Agreement may require an upfront payment. |
Short Sale | In a short sale, the lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed homeowner. The lender forgives the remaining balance of the loan. For more information on a short sale click here. |
Deed in Lieu of Foreclosure | A deed in lieu of foreclosure is a document that transfers the property from the homeowner to the lender in exchange for a release from the mortgage obligation. This allows homeowners to satisfy a mortgage loan at risk of defaulting and thereby avoid foreclosure proceedings. |
To apply for assistance, click here for our Borrower Assistance application and a list of documents that you must submit in support of your application. You can fax your documents to 866-712-5697, or mail them to us at the following address:
Gregory Funding
Attn: Loss Mitigation
PO Box 230579
Tigard, OR 97281-0579
Once we receive your application for assistance, we will assign you to a skilled Loss Mitigation Specialist. This person is also known as your “single point of contact” or "SPOC".
It is very important to stay in touch with your single point of contact throughout the entire process. Be sure he or she always has the best phone number and times of day to reach you.
You will also receive written notices. For instance, we will advise you whether your application is complete and, if not, any documents and information that are missing. You’ll also be notified when we submit your complete application to underwriting and when we are ready to discuss the specific option or options we can offer.
For additional help exploring options to manage your account, the federal government provides contact information for housing counselors located in your area, whom you can select by visiting the Consumer Financial Protection Bureau website at www.consumerfinance.gov/find-a-housing-counselor or by visiting the Department of Housing and Urban Development (HUD) website at www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or by calling the HUD Housing Counselor Hotline toll-free at 800-569-4287. A housing counselor can help you with household budgeting to manage mortgage loan payments and can also help you understand our loss mitigation programs and the range of foreclosure prevention options.