Making your payments more manageable
If you can't afford your current mortgage due to a financial hardship, and you want to stay in your home, we may be able to change certain terms of the loan — such as the interest rate or the time allowed for repayment — to make your payments more affordable. Any change to the original terms is called a loan modification.
There are multiple loan modification programs available. These programs offer different options for borrowers in different situations, but all are meant to help people keep their homes when facing a significant hardship, Wet ll work with you to determine whether a loan modification or another option may work for you.
How a loan modification could help
- You avoid a foreclosure sale. Even if one is already scheduled, we may be able to postpone it while we review your information.
- You make lower payments. Your modified payment amount is based on your current financial situation and takes your hardship into account.
- It may be less damaging to your credit score than a foreclosure sale.
- A loan modification changes your loan permanently, so it may not be an option if you're facing a temporary hardship.
- If you have home equity financing or any other liens on the property, they may need to be addressed separately from your first mortgage. Make sure you contact any other lien-holders to find out what options you may have.
Call (800) 640-0635 for help with your payment issues.Where appropriate, Weststar Mortgage Corporation. is required to inform you that, as your account servicer, we are attempting to collect a debt and any information obtained will be used for that purpose. However, if you are a customer involved in an active bankruptcy case or you received a discharge in a bankruptcy case where the account was not otherwise reaffirmed or accepted from discharge, then this notice is being provided to you for informational purposes only, and this is not a bill or a request for payment as to any such customer(s).
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