Mortgage Relief & Assistance

Impacted By a Disaster

If you are impacted by a disaster, please click here for your options.

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Home Retention options are outlined below

We offer several mortgage relief programs aligned with the intent to keep people in their homes.

State-Funded Assistance

Homeowners who are having difficulty making their current mortgage payment may be eligible for assistance through the U.S. Department of Treasury’s Homeowner Assistance Fund (HAF) or other state programs. These programs provide assistance — through reinstatement, mortgage payment assistance, and transition assistance programs — to families in areas that have been hit hardest by the economic downturn.

Repayment Plan

Repay your delinquent balance along with your regular monthly payments over a period of time.

Forbearance Plan

Make reduced payments or no payments over a period of time while you resolve the circumstance of your default. Then, enter into a Repayment Plan or apply for a Modification.

Loan Modifications

If your hardship is resolved, a permanent home retention option can be the best solution. This can include a Modification, which is a permanent change to the loan terms to resolve the delinquency and potentially make the payment more affordable, or a Partial Claim/Deferral which does not change the loan terms and moves the delinquent amounts to a non-interest-bearing balance due at payoff. The available option(s) will depend on the guidelines established by the owner/investor of the loan.

Foreclosure Alternatives

Many people believe lenders want to take back their homes through foreclosure. It’s not true. Lenders and servicers are not in the real estate business — they want you to keep making your monthly payments. When you can’t, they have programs to help you. Foreclosure only happens when other options haven’t worked.

What to Do Right Now if You are Delinquent

1. Do not ignore letters and calls from us. If you’re having problems making your payments, contact us right away. Explain your situation and be prepared to provide financial information, such as your monthly income and expenses. We need this information to know what programs may be available to help.

2. Let us know as early as you can that you’re having difficulty making payments. Our ability to help often gets harder with each missed payment. But even if you’re already in foreclosure and have never responded to our calls or letters before, it still may not be too late. Call us right away as there may still be programs available to help you avoid foreclosure.

3. Stay in your house for now. Abandoning your property could make it harder for you to qualify for programs meant to help you.

4. Beware of scams. Scam artists try to exploit struggling homeowners. Beware of anyone who wants to charge you a fee to help modify your loan or provide counseling. Look out for people who pressure you to sign papers quickly or tell you they can save your home if you transfer the deed over to them.

Additional Alternatives

SHORT SALE

The owner or insurer of your mortgage allows you to sell your property for fair market value that’s less than the total amount you owe on the mortgage. Any remaining balance, including late fees, legal charges and past-due interest, won’t have to be repaid, which gives you a fresh start. The benefits of a short sale are:

- You can sell your home at market value.
- You can walk away from any remaining mortgage debt. Consult with your tax professional to see how this may impact you.
- You may receive cash to assist you with expenses in relocating.
- You avoid having a foreclosure on your credit report.
- You avoid the costs and stress of public foreclosure.
- You can work out a convenient move-out date.

The owner or insurer of your mortgage loan may require you to be reviewed for an option that will allow you to remain in your home (e.g., loan modification) prior to being reviewed for a short sale. One of our representatives can assist you with options that are available for your specific circumstance.

DEED-IN-LIEU OF FORECLOSURE

You agree with your lender to transfer title to the property to the lender in exchange for forgiveness of your mortgage debt and all associated costs, such as late fees, legal charges, and past-due interest. The benefits of a deed in lieu are:

- You can walk away from your mortgage debt. Consult with your tax professional to see how this may impact you.
- You may receive cash to assist you with expenses in relocating.
- You avoid having a foreclosure on your credit report.
- You avoid the costs and stress of public foreclosure.
- You can work out a convenient move-out date.

The owner or insurer of your mortgage loan may require you to be reviewed for an option that will allow you to remain in your home (e.g. loan modification), as well as a short sale of your property, prior to being reviewed for a deed in lieu. One of our representatives can assist you with options that are available for your specific circumstance.

NYC Rules on Language Services and Rights

You may request language access services when you call us. If your primary language preference is Spanish, you may request our Spanish monthly billing statements by calling our Customer Service Department.

You can also find a Glossary of Common Debt Collection Terms and other resources are available in different languages at www.nyc.gov/dcwp.