Forbearance Plans

The borrower may make either reduced payments or no monthly payments for a specified period of time. At the end of the forbearance period, the borrower must cure the delinquency through full reinstatement OR another workout option.

Payment Deferral

The borrower will be brought current by deferring delinquent principal and interest (P&I) payments to the end of the loan creating an amount that will become due and payable at maturity of the mortgage loan, or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing UPB. All other terms of the mortgage loan must remain unchanged.

Repayment Plan

The borrower makes normal regular payments plus an additional agreed upon amount over a defined period of time to reinstate the mortgage.

Loan Modification

A written agreement between the servicer and borrower that permanently changes one or more of the original terms of the Note, such as:  capitalization of delinquent amounts; a change in the note rate; a change in the monthly payment; a change in the maturity date; a forbearance or write-off of a portion of the principal balance; or a change in the product type (ex: an ARM to a fixed rate mortgage).

Presale/Short Sale

The borrower sells the property for an amount that is less than the total amount owed on their mortgage to avoid foreclosure.

Deed-in-Lieu of Foreclosure

The borrower voluntarily transfers title to and possession of the property to the investor to satisfy the mortgage loan debt and avoid foreclosure.

Default Management Servicing Guide

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