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Mortgage Assistance

Mortgage Assistance

Mortgage Assistance

Mortgage Assistance

Frequently Asked Questions

What options are available to help me if I'm having trouble making my mortgage payments?

We’ll review your loan for options that may allow you to stay in your home, such as a repayment plan, forbearance or a loan modification. We’ll also see if you’re eligible for a short sale, which is selling the property for less than the balance remaining on the mortgage, or a deed-in-lieu of foreclosure, which is transferring the ownership of the property to us.

Do I need to send all of my forms and documents at the same time?

It’s best to send us all of your financial documents at the same time. To protect the security of your information, please contact us so we can provide information on how to send us your documents in a secure fashion. It’s important that you write your complete loan number at the top of each page you send.

How long does it take to find out if I'm eligible for mortgage assistance options?

We’ll send you a letter within 30 days of receiving all of the information we need, to let you know the mortgage assistance options for which you’re eligible. Also included in this letter will be a list of the options you are eligible for or were reviewed and the reasons why. Be sure to review each option, including the benefits and your next steps, to accept the one that’s right for you.

If I'm eligible for a modification, what happens next?

Depending on the modification program, you may be required to make payments during a temporary modification period, which is normally three to four months and may offer a lower payment amount. Once you meet all of the requirements of the temporary modification period, we’ll permanently modify your mortgage and send you all of the new terms of your loan, including your new payment amount.

How can I check the status of my application?

Call our Residential Loan Servicing Department at 855-932-7782 to check your application status, keep track of documents that we’ve received and find out which ones we still need.

I'm self-employed or an independent contractor. Do I have to send you anything special?

Yes. Please send us your most recently signed and dated quarterly or year-to-date Profit & Loss Statement with company name and date; send all statement pages, even blank ones.

Why do I need to fill out IRS Form 4506T-EZ?

The Form 4506T-EZ allows us to see a summary of your most recent IRS tax filing to confirm information about your income.

Where do I list costs for my cell phone, utilities and other expenses?

You can add these costs to the “Other” line under Household Expenses/Debt in Section E of the Request for Mortgage Assistance form.

My situation is unique. How do I fill out the forms and documents?

Call us at 855-932-7782 to discuss your situation with a Residential Loan Servicing representative. We can help you fill out the paperwork based on your situation.

What is a credit counseling agency?

These agencies offer counseling for people who are experiencing financial difficulties. They give advice on money management, offer possible solutions to financial problems and develop plans to prevent future difficulties. To find a nonprofit HUD-approved counselor, go to hud.gov and, under the “Resources” tab, select “Foreclosure Avoidance Counseling.”

If I receive a loan modification, will the credit reporting for my mortgage be affected?

Your credit score may be adversely affected by accepting the temporary modification period process. During the temporary period, we’ll continue to report your loan payment status to the credit reporting agencies. Your loan will be reported as past due during the trial period plan, even if your loan was up to date prior to the trial period. If your loan was up to date when you entered the trial period, and you make each trial period payment on time, it will be reported as current, paying under a partial payment agreement.

Completing a modification will not change previous negative reporting. The impact of a permanent modification on a credit score depends on the homeowner’s entire credit profile.

If I'm eligible for a short sale or a deed-in-lieu of foreclosure, what happens next?

If you’re selling the property in a short sale or a deed-in-lieu of foreclosure, we’ll work with you to schedule a home inspection and an appraisal at a time that is convenient for you. You’ll need to be at the property for both the inspection and/or appraisal.

If I'm eligible for a short sale or a deed-in-lieu of foreclosure, will I be required to pay back any portion of the outstanding balance?

When you sell the property in a short sale or transfer the property through a deed-in-lieu of foreclosure, the difference between what you owe on the outstanding balance and the fair market value of the property is called a deficiency. There may be circumstances where we may be able to cancel the deficiency balance. If we’re able to do this, you won’t have to pay the difference. If we can’t, you may still be responsible for the difference.

Will the foreclosure process begin if I don't apply right away-or at all?

Yes, if you don’t contact us and either bring your loan up to date or send us all of the information we need to evaluate your loan for mortgage assistance options, any foreclosure action, including a referral to foreclosure or the sale of your home, may start or continue. We know you may be in a stressful situation, but we are here to help. Please do not ignore any foreclosure notices you receive.

How do I make a payment?

BY MAIL

P.O. Box 7608
Carol Stream, IL 60197-7608

IN PERSON

Click here to find the nearest Wintrust Community Bank Location.

BY PHONE

Residential Loan Servicing Department
855-932-7782

Call for additional payment options that may be available.

Additional Documents

More Questions?

Call Residential Loan Servicing Department

855-932-7782