Consumer Mortgage Loan Loss Mitigation
If financial hardships are making your home mortgage payments difficult to afford, please let us know. We may have alternatives to help you avoid foreclosure.
If you cannot afford your monthly mortgage payments and wish to avoid foreclosure, you may be eligible for a “loan workout” or modification. We determine eligibility for “loan workouts” on a case-by-case basis. Among other things, we will consider the value of your property and your ability (based on your current income) to make monthly mortgage payments in accordance with the “workout.”
If you are interested in exploring the options, you will need to provide certain financial information, including the following: your most recent paystub, list of current monthly expenses, your most recent tax return, bank statements, a current valuation of your property (such as an appraisal report), if available.
To discuss your options to avoid foreclosure, please contact the Credit Administration Department of First Choice Bank at (877) 256-9809.
For additional help exploring your options, Federal government agencies provide contact information for housing counselors, which you can access. These counseling agencies are experienced in providing homeownership credit counseling and will provide information, advice, and assistance to help you become current in your loan payments.
These agencies are approved by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Housing and Urban Development (HUD). You can find approved counseling agencies at either agencies websites at:
CFPB (http://www.consumerfinance.gov/mortgagehelp) or
You may also contact these agencies by calling 1-855-411-2372 for CFPB or 1-800-569-4287 for HUD. Your state housing finance authority may also be able to help. Please visit their website at http://www.ncsha.org/housing-help.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is Federal Deposit Insurance Corporation, Consumer Response Center, 1100 Walnut Street, Box #11, Kansas City, Missouri 64106
If you are a member of the U.S. Armed Forces on “active duty” or “active service,” a spouse, or a dependent of such a member, you may be entitled to certain legal protections and debt relief pursuant to the Servicemembers Civil Relief Act. Please click here to check the attached notice for further information.