SunTrust Mortgage is here to help you determine which Loss Mitigation option works best for you. We want you to know about the options we provide, so we’ve listed them below. Your Loss Mitigation counselor will help you choose a path, based on your current financial situation. To request assistance, please contact a SunTrust Mortgage Loss Mitigation Counselor at 1.800.443.1032, Option 3, Monday – Friday (8:00 a.m. – 10:00 p.m., ET), or click here to complete the secure confidential form.
| Option |
How Does the Option Work? |
Key Benefits |
| Repayment Plan |
Distributes your delinquent payments over a period of time, usually no more than 10 months. A portion of the deferred delinquent amount is added to the normal monthly mortgage payment. |
- Brings your account up to date within a specified time-frame.
- With a goal in sight, you can move forward knowing that your mortgage loan is secure.
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| Loan Modification |
A permanent change in one or more of the terms of the mortgage loan, allowing the loan to be reinstated to a “current” status, and resulting in a more affordable monthly mortgage loan payment. Past due interest and escrow are added to the new unpaid principal balance and re-amortized over the remaining life of the loan. |
- Changes the mortgage note itself, giving you a “fresh” start on managing your mortgage loan.
- Brings your account up to date immediately once the loan modification is executed.
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| Partial Claim (only for FHA loans) |
A second mortgage, interest free, that is paid off at the time when the homeowner’s loan is paid off. This option allows up to 12 months of past due accrued mortgage payments to be included in the second mortgage. Available only on FHA loans.
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- HUD loan is interest-free.
- Brings your account up to date immediately.
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| Fannie Mae HomeSaver Advance |
A low interest rate loan provided by the first lien loan servicer to bring current a customer’s delinquent first lien loan. The loan repaid over a 15 year term, with payment and interest accrual deferral during the first 6 months after the advance. Available only on most Fannie Mae loans.
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- Brings your account up to date immediately.
- Second mortgage is secured at a low interest rate.
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| Short Sale |
Allows you to sell your home and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the home’s market value is less than the total amount owed. |
- Avoids the lengthy legal process involved in foreclosure.
- Typically less damaging to your credit rating than foreclosure.
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| Deed in Lieu of Foreclosure |
Allows you to voluntarily transfer legal ownership of your property to your investor if you are unable to maintain mortgage payments and cannot sell the home at current market value. |
- Avoids the lengthy legal process involved in foreclosure.
- May be less damaging to your credit rating than foreclosure.
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Through its flagship subsidiary, SunTrust Bank, the company provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other subsidiaries provide mortgage banking, brokerage, investment management, equipment leasing, and investment banking services.
Atlanta-based SunTrust enjoys leading positions in some of the most attractive markets in the United States and also serves clients in selected markets nationally.
The Company’s mission is to help people and institutions prosper by providing financial services that meet the needs, exceed the expectations, and enhance the lives of our clients, communities, colleagues, and ultimately our shareholders. SunTrust’s 1,675 retail branches and 2,902 ATMs are located primarily in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. In addition, SunTrust provides clients with a full selection of technology-based banking channels including online, 24-hour customer services centers, and the latest mobile devices.