Loan Modification

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8 a.m.-8 p.m. Eastern

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What is a home loan modification?

If you’re experiencing a financial hardship, a loan modification may help make monthly home loan payments more affordable.

A loan modification may add any interest, escrow, fees and expenses that are due into the remaining principal balance of the loan. Depending upon the type of loan, this may involve extending the term of the loan, lowering the interest rate and/or deferring principal, as needed, to achieve an affordable payment.

Eligibility

Select the owner or insurer of the loan to learn more about eligibility requirements.1

You may be eligible for a Fannie Mae or Freddie Mac loan modification if:

  • You're having trouble paying the mortgage due to a financial hardship
  • The first mortgage is owned by Fannie Mae or Freddie Mac
  • You own the home, and it’s your primary residence
  • You’ve had a mortgage that is owned by Fannie Mae or Freddie Mac for at least 12 months
  • You haven’t exceeded the modification limits determined by the owner of the loan
  • All borrowers on the loan agree to participate

You can apply securely online. Simply click below to continue to our partner website.

Apply online

You may be eligible for an FHA loan modification if:

  • You're having trouble paying the mortgage due to a financial hardship
  • The first mortgage is an FHA-insured home loan
  • You own the home
  • You haven’t exceeded the modification limits set by the insurer of the loan
  • All borrowers on the loan agree to participate

You can apply securely online. Simply click below to continue to our partner website.

Apply online

You may be eligible for a VA loan modification if:

  • You're having trouble paying the mortgage due to a financial hardship
  • The first mortgage is a VA-insured home loan
  • You haven’t exceeded the modification limits set by the insurer of the loan
  • All borrowers on the loan agree to participate

You can apply securely online. Simply click below to continue to our partner website.

Apply online

You may be eligible for a USDA loan modification if:

  • You're having trouble paying the mortgage due to a financial hardship
  • The first mortgage is a USDA-insured home loan
  • You own the home, and it’s your primary residence
  • You haven’t exceeded the modification limits set by the insurer of the loan
  • All borrowers on the loan agree to participate

You can apply securely online. Simply click below to continue to our partner website.

Apply online

You may be eligible for a modification of a loan not owned or insured by the government if:

  • You're having trouble paying the mortgage due to a financial hardship
  • The loan is not owned or insured by the federal government (i.e., it’s a conventional loan)
  • This is the primary mortgage against the property
  • You’ve made at least six full payments during the life of the loan
  • You haven’t exceeded the modification limits set by the owner of the loan
  • Your property is a one-to-four unit house, condo or manufactured home, buildable home lots may also qualify
  • All borrowers on the loan agree to participate

You can apply securely online. Simply click below to continue to our partner website.

Apply online

There are no fees and no minimum credit score requirements with these programs. However, you will be responsible for certain costs, expenses and fees associated with the servicing of the loan that were incurred by you before the application for the modification is completed and approved (such as foreclosure attorney fees). When the modification becomes final, all prior unpaid late charges will be waived.

Next steps

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Contact Us

You can call us to discuss loan modification options or you can submit your request online. Please be ready with the loan number, the monthly pre-tax income for each borrower, monthly household expenses and information about your current financial hardship.

If you contact us by phone, we’ll review your situation and confirm your interest by sending you a financial information packet in the mail (if required for the program). If you submit your request online, you will not receive a financial information packet by mail.

Throughout the process, you'll have a Customer Relationship Manager who will answer all your questions and help guide you through the steps you'll need to take.

Submit

WHEN SUBMITTING A REQUEST BY PHONE: If you receive the financial information packet, you'll need to complete, sign and return the forms, along with any other documents that are requested, to us as soon as possible.

WHEN SUBMITTING A REQUEST ONLINE: Print, complete and sign all forms that may be required. Upload images of the completed forms along with any other documentation requested as soon as possible.

Once all your information is submitted, we'll contact you within five business days if any information is incomplete or missing. It may take us 30 calendar days to complete the evaluation process and notify you of our decision.

Trial period

A three-month trial period may be required to make sure the new payments are affordable.

We'll send you a Trial Period Plan Notice explaining the terms, such as the monthly payment amount, the deadline to accept the trial plan terms and the date the first trial payment is due. Payments can be made through Online Banking, by mail, or over the phone.

Once all trial payments have been made on time, we’ll send you the Modification Agreement.

Agreement

The Modification Agreement defines the changes to the home loan. This agreement may need to be signed, notarized (as required), and returned to us by the stated deadline for the modification to become permanent.

Once completed, we are required to report the modification to the credit bureaus, which may negatively impact your credit.

What if I'm not eligible or get declined?

Whether your financial hardships are temporary or longer-term, we’re here to help. If we can't find a program that would let you stay in the home, you may need to consider options that involve leaving the house.

Call us

Monday through Friday
8 a.m. - 8 p.m. Eastern

Help is available in English, Spanish and many other languages.

1 These eligibility requirements are informational and are not intended as a commitment to modify your home loan nor is this an exhaustive list of the eligibility requirements of the Program.