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Past Due?

If your mortgage is past due or you are facing foreclosure, we may be able to work with you to bring your account current while minimizing the negative impact on your credit.

You can contact a Homeowner Solutions Center advisor at 866-660-5804 or you can log in to your account online and go to Payment Help. You'll find the necessary forms there to help you through this process.

Although eligibility is determined on a case-by-case basis and is not guaranteed, we may be able to arrange one of the following loan solutions to help address your situation:

Repayment Plan or Special Forbearance

ClearSpring may be able to arrange a plan based on your financial situation to spread out repayment of your past-due balance over an extended period of time. Special forbearance allows the borrower to "pause" their payment for a period of time, but all payments are due at the end of the special forbearance.

Loan Modification

It may be possible to modify your mortgage contract to capitalize your past-due amounts and perhaps reduce your monthly payment. This could be accomplished by extending the loan term, lowering the interest rate and/or if you qualify, a principal reduction. However, this is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor. Items you need for a Loan Modification:

1. Hardship Letter
2. Four paystubs, covering a two month period of income
3. Two months bank statements
4. Recent W-2
5. If self-employed, certified profit and loss statement for the previous two quarters and a signed 4506 may be required.
6. Itemized list of monthly expenses.
7. Fill out the following financial package.
8. When finished, mail to the address found on our Contact Us page.

Mortgage Insurance Claim

ClearSpring may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. You would then have the ability to pay back this loan to the insurance company over an agreed upon period of time.

Short Sale or Pre-Foreclosure Sale

This allows you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure. Items you need for a Short Sale or Pre-Foreclosure Sale:

1. Hardship Letter
2. Four paystubs, covering a two month period
3. Two months bank statements
4. If self-employed, certified profit and loss statement for the previous two quarters and a signed 4506 may be required.
5. If you are currently working with a realtor, a Letter of Authorization to speak with the realtor is required.
6. If you need a realtor, ClearSpring can recommend a realtor
7. Purchase Agreement if there is already an offer on the property.

Deed-In-Lieu of Foreclosure

As a last resort, you may be able to voluntarily transfer ownership of your property to the lender. You won't be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is available only if there are no other liens or judgments on the property.

Items you need for a Deed-in-Lieu of Foreclosure:

1. Hardship Letter
2. Four paystubs, covering a two month period
3. Two months bank statements
4. If self-employed, certified profit and loss statement for the previous two quarters and a signed 4506 may be required.
5. If your current loan has mortgage insurance (MI), you will need 60 days proof of listing the property at fair market value before a Deed-In-Lieu will be considered.

Help for Past-Due Borrowers

If you know your payment is going to be past-due, please contact ClearSpring immediately. Communication is critical to protect your home and your credit. We can help minimize any negative impacts associated with the past-due status of your account and provide you with additional resources that could help manage your financial difficulties.

If you are more than 60 days past due, you may be put in touch with an advisor from the Homeowner Solutions Center who is an expert in providing loan solutions.

Clearspring Loan Services, Inc. is a debt collector. This is an attempt to collect a debt, and any information obtained will be used for that purpose.
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