Loss Mitigation

Introduction

Mortgage Support

Loss Mitigation

At FirstBank, we understand the importance of owning your home and our goal is to help our customers keep their homes whenever possible. We understand that sometimes you may face difficult circumstances that affect your ability to make your mortgage payments. If you are having financial trouble, you may qualify for one of our Home Retention Assistance programs. We are here to provide you with information regarding any potential options that may be available to you; these options have been designed to assist you in bringing a resolution of the default of your loan. Here are some of the programs that may be available for you: 

  • Forbearance - Allows you to temporarily suspend or reduce your payments for a specific time period. 
  • Loan Modification - May change one or more terms of your loan in order to help you bring a defaulted loan to current and prevent foreclosure. 
  • Repayment Plan - Allows you to pay past due amounts on your loan over a specific time period to bring your loan current. 
  • Short Sale - Allows you to sell your home for less than the remaining balance on your loan. 
  • Deed-in-Lieu - A voluntary deed in which the ownership of your home is transferred to the owner of your loan in satisfaction of some or all of your obligations under the loan. 
  • Reinstatement - Payment of the total amount you owe in a lump sum payment and by a specific date.


You can also contact us at 787-283-4100 from Monday through Friday between 8:30 AM & 5:00 PM or by email at [email protected] Please remember to include your loan number in your email.

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