Assistance Options

A repayment plan may be an appropriate solution if you cannot fully reinstate (pay all past amounts) your loan but you can pay your regular monthly payment plus a portion of the past due amount. The length of a repayment plan will vary based on your ability to repay. At the end of the plan, your loan will be current.

If your loan is past due or you need a repayment plan longer than 4 months, call us at 800.613.4408, Monday – Friday 9:00 am to 5:00 pm CST.

Our team will ask you some basic questions about your income, expenses, your home, and your intentions about your home.

You should have the following information available when you call:

• The reason why you cannot or expect not to be able to make your loan payments.
• The total amount of your income from all sources.
• An itemized list of your monthly expenses.

Our experts will review this initial information and determine which plan may be the best solution for your situation.

You may be asked to provide documentation substantiating your income and certain expenses, as well as to submit a customer assistance application. We may also need to confirm the value and condition of your home.

If your home is in foreclosure, your repayment plan will need to include payment of any outstanding foreclosure fees and costs.

Processing time for a customized repayment plan is generally no more than 15 business days.

If your loan is eligible for assistance under a government program such as the Home Affordable Modification Program (HAMP), you may be eligible for a trial period/forbearance plan without the requirement of a good faith payment. Your specialist can tell you if your loan owner normally requires a good faith payment and what the amount would be based on your loan owner’s guidelines.

As part of the customer assistance application, you will be asked to submit proof that you have funds available for a good faith payment if one will be required. You may submit a customer assistance application even if you have fewer funds available for a required good faith payment than what your specialist told you would be typically required, or if you do not have any funds available for such a payment. No payment is required to submit an application for a loan modification and no payment is required until after you have been approved for a trial period payment plan.

A loan modification permanently modifies the terms of your loan. It may change one or more terms of your loan in order to help you bring a defaulted loan current and prevent foreclosure. Based on the circumstances of your particular loan, a loan modification may include one or more of the following:

• an interest rate reduction in certain cases,
• forgiveness of a portion of the principal
• an extension of the maturity of the debt spreading the past due amount over the remaining term
• a deferment of a portion of the outstanding debt.

This action will not save your home but may aid you in qualifying for another mortgage in the future. This option may have a less negative impact on your credit than a foreclosure. There cannot be any problems with the title to your property, such as outstanding liens that cannot be satisfied. Capital Mortgage Services of Texas will request a title report on your home. If a deed-in-lieu is not completed, the costs of this report will be added to your loan balance. Relocation assistance may be offered.

In a deed-in-lieu process, you voluntarily turn over legal ownership of your home to the owner of your loan in satisfaction of some or all of the obligations under your loan. This action will not save your home but may aid you in qualifying for another mortgage loan in the future. This option may also have a less negative impact on your credit than a foreclosure. There cannot be any problems with the title to your property, such as outstanding liens that cannot be satisfied. Capital Mortgage Services of Texas will request a title report on your home. If a deed-in-lieu is not completed, the costs of this report will be added to your loan balance. Relocation assistance may be offered once the deed-in-lieu process is successfully completed.

You may be eligible for a Deed-in-Lieu if:

• You have a hardship, such as a job loss, divorce, or medical emergency
• Your loan is in default or default is imminent
• You are unable to afford your current monthly mortgage payment
• You are unable to modify your current loan or do not want to retain ownership of your home
• Certain loan owners may require that you have tried to sell your home at fair market value with a licensed real estate agent for at least 90 -120 days and were unsuccessful
• There are no other liens against your home or if such liens exist, you can negotiate with the lien holders to release their interest in your home.
• If your loan is owned by Fannie Mae or Freddie Mac, you will be evaluated for a deed-in-lieu of foreclosure based on their specific program guidelines.

In order to apply for a Deed-in-Lieu, please submit the following documents:

• An executed authorization form to allow the title to be pulled on the subject property.
• Once the title is received, title to the property must be free and clear of any and all liens, judgments, and/or encumbrances. (This would include, without limitation, any junior mortgages, HELOCs, homeowners association liens, and any type of judgments or encumbrances.)
• If the loan has Mortgage Insurance, approval from the Mortgage Insurance Company. If approval is needed, additional documents may be required by the Mortgage Insurance Company. Please work with your representative to determine what additional items may be needed.

Upon receipt of all required documents, Capital Mortgage Services of Texas will work to obtain approval for your deed-in-lieu from all necessary parties, including the owner of your loan. However, if you have a second mortgage with another lender or there are any other outstanding debts or liens against the property, it is your responsibility to get them to release their interest in your home.

Once all necessary parties have approved the deed-in-lieu, we will send you the deed-in-lieu documents for signature and return within a stated time period. These documents will include your agreement to vacate your home in good order within an agreed-upon period of time, typically between 14 and 30 days. These documents will also contain the terms of any agreed-upon relocation assistance.

Processing time for a deed-in-lieu is generally 5 days.