Do you need to lower your payments?

A loan modification will modify the terms of your existing loan making it easier to afford.

or borrowers who need more than just a short-term solution a loan modification may be the best option. With a loan modification the terms of your loan are modified for a set period of time. The terms modified typically include the interest rate, repayment period, and/or principal balance.

The benefits of a loan modification are:

• The delinquent amount you owe can be capitalized (added) to your current principal balance and repaid over the remaining term of the loan.
• Your interest rate may be reduced giving you lower monthly payments for the modification period.
• If you qualify, the repayment term of your loan may be increased. Paying off your loan over more payments will reduce your monthly obligation.

A loan modification may be the right program for you if you:

• Need a longer-term solution to keep your loan current.
• Have an adjustable rate mortgage and your payment has increased to an amount you cannot afford.
• Have an unexpected financial difficulty or changes to your finances and can no longer afford your monthly payment.

If you think a loan modification will help you to get caught up on your mortgage payments, call 1-888-851-5544 or 510-667-0475 to speak to a bank representative.

To qualify for a modification you will need to give the loan specialist your updated financial information, and you will need to prove a financial hardship. If we determine that you have a financial hardship great enough to keep you from being able to make your payment, we may recommend a loan modification. The loan specialist will review your loan to determine if you qualify. If you qualify, you will receive modification documents in the mail. Once your signed documents are received and processed the terms of your loan will be modified for the length of the agreement. You will make your new loan payments until the modification period ends.