Home Retention Options
The goal of home retention is for you to avoid foreclosure and keep your home. There are several options that may be available to you to prevent foreclosure. The options available to you depends upon your individual circumstances and the requirements of your loan investor.
Below are some of the options that may be available to you depending on your loan investor and individual circumstances:
A forbearance plan may be an appropriate option for you if you are experiencing a current, short-term financial hardship. This hardship may be due to loss of income resulting from unemployment, illness, or natural disaster. A forbearance plan will allow you to reduce or suspend your mortgage payment for a set period of time.
If you have experienced a financial hardship which impacts your ability to presently (or in the future) pay your loan, due to a change in your financial circumstances, then a modification may be the appropriate for you. Options include a possible rate reduction, an extension of the term of your loan, or even a principal deferment to reduce your total monthly payment to an affordable payment so that you can remain in your home.
Short Sale is intended for individuals who wish to sell their property quickly in order to repay indebtedness. If you are already pursuing loss mitigation options, contact your Case Manager at the appropriate subservicer to discuss this process.
Deed in Lieu of Foreclosure
Deed-in-Lieu is intended for individuals who do not wish to retain their home. Deed-in-Lieu consists of turning the property over to the investor, eliminating the need for foreclosure action. If you are already pursuing your loss mitigation options, contact your Case Manager at the appropriate subservicer to discuss this process.
Who to Contact
If you believe one of these options may meet your needs, we ask that you contact us:
Existing FHA, VA or USDA Loans
Mailing Address: Flagstar Bank
Loss Mitigation Department W-110-2
5151 Corporate Drive
Troy, MI 48098
Visit Flagstar Bank
All Other Existing Loans
Arc Home c/o LoanCare Attention:
Loss Mitigation Department
3637 Sentara Way
Virginia Beach, VA 23452Visit Arc Home
2010 Corporate Ridge, Suite 750
McLean, VA 22102