Following options are available through your lender. In our role as Substitute Trustee we are unable to provide authorization/approval for any of the following. You will need to contact your lender directly for their specific documentation and request requirements. If you would like to request the contact information from your lender please click  HERE.

Loan Modification

A loan modification is a written agreement between you and the lender that permanently changes the terms of the loan. In some instances it may make your payments more affordable. Common loan modifications include

• Adding missed payments to the end of your existing loan balance
• Making an adjustable-rate mortgage into a fixed-rate mortgage
• Extending the number of years you have to pay to a longer term

If you cannot or do not want to keep your home, your lender can work with you to avoid foreclosure. This can help reduce the negative effect on your credit reputation. There are several different ways this might occur depending on your financial circumstances:

• Deed in Lieu of Foreclosure: Under certain circumstances, the borrower could voluntarily transfer ownership of your property to the lender in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days. This option may not be available if there are other liens or judgments on your home.


• Short Payoff: If you can sell your house but the sales proceeds are less than the total amount you owe on your mortgage, your lender may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale. The lender must approve the short payoff amount and terms.


• Assumption of Your Loan: This option permits a person to take over your mortgage debt and pay the payments, even if the mortgage is non-assumable. A proper assumption requires lender approval and may or may not 'release'.