Facing Financial Hardship? We May Be Able To Help

Facing Financial Hardship

Exploring Alternatives to Foreclosure for Loans Secured by a Personal Residence

During the course of home ownership, increased expenses or changes in your income may make it difficult to pay your bills, including your mortgage payment. If you can keep your mortgage current, do so. But if you can't make your mortgage payments for reasons beyond your control, we want to talk to you about alternatives to foreclosure.

The sooner you call, the more likely you may be able to find an alternative to foreclosure with California Bank & Trust (CB&T). If the problem is temporary, some of the options for which you may qualify are:

• Reinstatement. This is the payment of the total amount past due in a lump sum by a specific date.
• Forbearance Plan. This type of plan allows you to reduce or suspend payments for a short time and then bring your loan current. A forbearance plan may be combined with a reinstatement when you know that you will have enough money to bring the loan current later (such as after getting a tax refund, insurance settlement or maturity of an investment).
• Repayment Plan. This is an agreement to resume making your regular monthly payments plus a portion of the past due payments each month until you are caught up, for a maximum of up to 24-months.

If the problem is of a long-term nature or it's not likely that you will be able to bring the loan current, other options may be appropriate:

• Restructure Plan. If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, a restructure to the terms of your loan for a period of time could make it more affordable. These changes may be one or more of the following:
  
  • Deferring of past due payments and/or other amounts that are currently due.
  • A temporary change in the current interest rate that may reduce your current mortgage payment for up to 5-years.
    
    
• Sale of Property. The property is put on the market and the mortgage loan is paid off from closing proceeds. In a 'short sale' situation, when the borrower has received a valid purchase offer to sell the property to a third party for an amount that is less than the total amount owed, the lender may agree to accept an amount less than the total amount owed to allow the borrower to sell the property.

To determine your eligibility under our Alternatives to Foreclosure Programs, please call us at one of the number listed below to request an Alternative to Foreclosure package.

Approval of any option is subject to all of the following:

• Confirmation of Borrower(s)' immediate and future ability to make payments.
• Value and condition of property.
• Review of Borrower(s)' financial condition and reasons for delinquency.
• Bank's ability to obtain subordination of other obligations secured by the real property.

For additional information with regards to Alternative to Foreclosure programs that may be available, please contact us today at one of the numbers below, based on your situation:

First Mortgage Loans - Including HomeEquity Lines of Credit in First Trust Deed Position Contact:

Commercial Loans Secured by Personal Residence Contact:

Home Equity Lines of Credit in Second Trust Deed Position Contact:

Commercial Special Assets Department (HELOC)
(888) 937 -7590

 

The U.S Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice and guidance regarding defaults, foreclosures, credit issues and alternatives to you. You can find a HUD counselor in your area by visiting the HUD Web site or calling HUD toll-free at
(800) 569-4287.

HopeNow Alliance and its toll free telephone number (888) 995-HOPE to speak with an independent credit counselor regarding loan workout alternatives.

 

Note: this is an attempt to collect a debt and any information obtained during a call will be used for that purpose. If you are currently protected by the filing of a petition in bankruptcy or have been discharged in bankruptcy, this summary is for information purposes only and should not be considered as an attempt to collect the debt from you personally.