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WE ARE HERE TO HELP

If you are experiencing financial difficulties or are facing a short- or long-term hardship, Trustmark offers a variety of options to help you stay in your home and avoid foreclosure.

Our goal is to help you find the solution that best fits your needs, allows you keep your home and improve your financial situation.  We are committed to assisting you in a timely and professional manner throughout this process.

If you are having trouble paying your monthly mortgage payment or if you have fallen several months behind in your mortgage payments, take action immediately.  Contact Trustmark at 1-866-229-1656 to speak with a representative about your unique situation. 

If you prefer, you may contact a HUD counselor in your area by calling 1-800-569-4287 or TDD 1-800-877-8339.

STEPS TO FOLLOW

CONTACT TRUSTMARK

For a confidential review of your situation and to start working with a Trustmark representative, call 1-866-229-1656.  Our representative will speak to you about your specific situation, explain possible options and send you the necessary forms that must be completed.  You may also submit an application online at www.trustmark.com.

GATHER, REVIEW AND SUBMIT YOUR INFORMATION

Complete all forms in their entirety and attach any supporting documentation. 
 
• Write “n/a” for items that do not apply to you.
• Include your name and loan number on the bottom of each page.
• Make certain all required signatures are obtained.
• Keep your original documents; you may send copies for our records.
• Submit the entire documentation package at once.  Include blank pages or forms even if they do not apply to you.

Promptly return all forms and documentation to Trustmark.  We’ll review your request as quickly as possible, but it may take up to 30 days to process your request.  You may contact us at any time if you have questions or would like an update on your request.

OVERVIEW OF POSSIBLE OPTIONS TO KEEP YOUR HOME AND AVOID FORECLOSURE

REPAYMENT PLAN

A repayment plan allows you to add past due payment amounts to your current mortgage payments over several months in order to bring your mortgage current. This may be an option for you if you are ineligible or do not want to refinance, are experiencing a short-term hardship, are several months behind on your mortgage payments and can now afford to make your monthly mortgage payment.

BENEFITS OF A REPAYMENT PLAN

• You have an improved financial situation and can bring your mortgage current.
• You can catch up past due payments over an extended period of time.
• You can stay in your home.
• You can avoid foreclosure.
• A repayment plan is less damaging to your credit score than a foreclosure.

HOW IT WORKS

• If you qualify for a repayment plan, we will work with you to determine the time frame that the past due amount will be added to your existing mortgage                  payments (e.g., 3, 6 or 9 months).
• You may be asked to sign an agreement that outlines the repayment plan, such as the length of the repayment period and the specific terms.

FORBEARANCE PLAN

A forbearance plan can temporarily suspend or reduce the amount of your regular monthly mortgage payment during a hardship, such as a job loss, disability or other unique circumstance.  During a forbearance period, you are given time to improve your financial situation before returning to your scheduled monthly mortgage payment amount.

BENEFITS OF A FORBEARANCE PLAN

• You receive a suspended or lower monthly mortgage payment for a specific period of time allowing you to improve your financial situation.
• You can stay in your home.
• You can avoid foreclosure.
• A forbearance plan is less damaging to your credit score than a foreclosure.

HOW IT WORKS

• We will work with you to establish the length of the forbearance period, the reduced payment amount, if not suspended, and the terms of the repayment.
• The payment amounts that are suspended or reduced during the forbearance period must be repaid.  At the end of the forbearance period, you may have              several options available for repayment.
• You may be able to make a one-time payment for the amount due (reinstatement).
• You may be able to add a specific amount to your monthly payments until the entire amount is repaid (repayment plan).
• You may be able to enter into an agreement to change the original terms of your mortgage (modification).

LOAN MODIFICATION

A loan modification can help homeowners make their mortgage payments more affordable by changing the original terms of the mortgage loan (payment amount, length of the loan, interest rate, etc.).  If you have fallen behind on your mortgage payments, are ineligible to refinance or you are facing a long-term hardship, a loan modification could help you avoid foreclosure.

BENEFITS OF A LOAN MODIFICATION

• Your loan becomes current, and your payments are no longer delinquent.
• Your monthly mortgage payment amount is reduced and is more affordable.
• The original terms of your mortgage loan are permanently changed.
• You can stay in your home.
• You can avoid foreclosure.
• A loan modification plan is less damaging to your credit score than a foreclosure.

HOW IT WORKS


• If you qualify for a loan modification, one or more of the following may occur:
• Your mortgage loan type may change (e.g., an Adjustable Rate Mortgage may be changed to a Fixed-Rate Mortgage).
• The term of your mortgage loan may change (e.g., extending a 30-year term to a 40-year term).
• The interest rate of your mortgage loan may be reduced either temporarily or permanently.
• Past due amounts, such as interest and escrow, may be added to the unpaid principal balance and re-amortized over the life of the new loan.

SHORT SALE

A short sale is an alternative to foreclosure.  If agreed to by Trustmark, a short sale allows you to sell your home for less than the balance remaining on your mortgage.   You pay off all or a portion of your mortgage balance with the proceeds from the sale.  You may be required to make a financial contribution in order to receive a short sale. 

A short sale may be an option for you if you are ineligible to refinance, facing a long-term hardship, behind on your mortgage payments, owe more on your house than it is worth, have not been able to sell your house at a price that covers what you owe, or you can no longer afford your home.

BENEFITS OF A SHORT SALE


• You eliminate or reduce your mortgage debt.
• You avoid the negative impact of foreclosure.
• In some cases, relocation assistance may be available.
• You may be able to purchase a home sooner through a Fannie Mae mortgage than you would be able to if you went through a foreclosure (approximately 2          years versus 7 years).
• You can start repairing your credit quicker with a short sale rather than with a foreclosure.

HOW IT WORKS

In a short sale, you will work with Trustmark and a real estate agent to market and sell your home.  We will work with you and your agent to:

• set the sale price of your house based on current market value,
• collect financial information and negotiate with other lien holders, such as your second mortgage company, if applicable,
• review acceptable offers,
• agree to the terms of the sale once a buyer is in place, and
• work with the buyer’s real estate agent and mortgage lender to finalize the sale.

A short sale may take up to 120 days to complete.  The length of time involved will depend upon your specific situation. 
In some instances, homeowners may be eligible to receive relocation assistance to use toward moving expenses and to make the transition to new housing easier.


DEED-IN-LIEU OF FORECLOSURE


A deed-in-lieu of foreclosure, also known as a mortgage release, allows you as the homeowner to voluntarily transfer the ownership of your property to Trustmark in exchange for a release from your mortgage loan and payments. A deed-in-lieu of foreclosure may allow you to leave your home immediately, stay in your home for up to three months without paying rent or lease the home at market rates for up to one year.

A deed-in-lieu of foreclosure may be an option for you if you are ineligible to refinance, facing a long-term hardship, behind on your mortgage payments, owe more on your house than it is worth, have not been able to sell or don’t want to sell your, or you can no longer afford your home.

BENEFITS OF A DEED-IN-LIEU OF FORECLOSURE


• You eliminate your remaining mortgage debt.
• You avoid the negative impact of foreclosure.
• In some cases, relocation assistance may be available.
• You may be able to purchase a home sooner through a Fannie Mae mortgage than you would be able to if you went through a foreclosure (approximately 2           years versus 7 years).
• You can start repairing your credit quicker with a short sale rather than with a foreclosure.
• You may leave the house immediately, or if eligible, consider other exit options.

HOW IT WORKS

Trustmark will work with you to complete the eligibility process for a deed-in-lieu of foreclosure.  We will review your current situation and help determine the value of your property and how much you still owe.  We will also review with you the options that are available and help you choose the best option for your situation.

A deed-in-lieu of foreclosure may take up to 90 days to complete.  The length of time involved will depend upon your specific situation. 

Upon completion of the process and the option selected, you will either vacate your home, stay in the home for up to three months (rent free) or lease the home for up to one year.  When you vacate the home on the agreed-upon date, you are required to leave the home in good condition, inside and outside.  The home must be in good condition, free of trash, debris or damage, and all personal belongings must be removed. 

In some instances, homeowners may be eligible to receive relocation assistance to use toward moving expenses and to make the transition to new housing easier.

MORE INFORMATION IS AVAILABLE

To receive more information about the various options that may be available to you, please contact us at 1.866.229.1656.  To find out more about FHA programs, please visit www.hud.gov/fha and choose the avoid foreclosure option, or contact the FHA Resource Center at 1-800-CALL-FHA (1-800-225-5342). To find out more about Fannie Mae programs, please visit www.knowyouroptions.com.

ARMED FORCES / SERVICEMEMBERS CIVIL RELIEF ACT

Assert and protect your rights as a member of the Armed Forces of the United States.  If you are or your spouse is serving on active military duty, including active military duty as a member of the National Guard or as a member of a reserve component of the Armed Forces of the United States, please send written notice of the active duty military service to the address below.

Trustmark National Bank
Attn: SCRA Department
P.O. Box 522
Jackson, MS 39205-0522


HUD-APPROVED COUNSELING AGENCIES

HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. You may obtain a list of HUD-approved, non-profit homeowner counseling organizations that service your residential area by visiting http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm; this site allows you to select from a list of agencies for each state. You also can search more specifically for a reverse mortgage counselor, or if you are facing foreclosure, search for a foreclosure avoidance counselor.  Please call 1.800.569.4287 for more information.

INFORMATION / ERROR RESOLUTION REQUEST

Notice of Error (NOE) or Request for Information (RFI) – If you believe that there is an error ("Notice of Error") or if you need additional information ("Request for Information") relating to the servicing of your mortgage loan, you must send a written Notice of Error or Request for Information to the following address.  Your Notice of Error or Request for Information must include your name, loan number, and sufficient detail to inform Trustmark of the basis for your Notice of Error or Request for Information. 

Information/Error Resolution Request Address: 
Trustmark National Bank
P. O. Box 153 
Jackson, MS 39205-0153

ESCALATION PROCESS

Trustmark is committed to assisting you in a timely and professional manner in keeping your home or navigating the foreclosure process.  If you believe that an error or problem has occurred throughout the mortgage assistance or foreclosure process and believe that your concerns are not receiving the appropriate attention, you have the right to escalate your concerns or complaints.  You may contact our Servicing/Escalation Manager at 1.800.844.2000, ext. 8533 or mortinfo@trustmark.com.  Please provide your full name, street address, phone number, and email address, which will help us in processing your request. 

Within 3 business days following the receipt of your inquiry, an Escalation Manager at Trustmark will acknowledge your inquiry in writing via email, fax, or mail and provide you with a contact name, a case number, and a resolution date.  The resolution date should be no more than 15 business days from the receipt of your inquiry.  In some cases, Trustmark might need additional time to resolve your inquiry, but in no case will the resolution response time exceed 30 business days.

BANKRUPTCY DISCLAIMER

This is an attempt by Trustmark National Bank, the servicer of your mortgage account, to collect a debt, and any information obtained will be used for that purpose.  This notice is required by the provisions of the Fair Debt Collection Practices Act and does not imply we are attempting to collect money from anyone who has discharged this debt under the bankruptcy laws of the United States.

CREDIT BUREAU NOTICE

We may report information about your account to credit bureaus.  Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

FREQUENTLY ASKED QUESTIONS

Who is my “loan servicer?”
 

Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan.  

When can I speak with a Trustmark representative?

You may contact us at 1.866.229.1656.  Our representatives are available Monday – Friday, 8:00 a.m. – 5:00 p.m., CST. 

What documents are required for a hardship request?

A Trustmark representative will review the necessary documentation that is required and will send you the forms that must be completed. Forms may also be found at www.trustmark.com.

How soon do I need to return the forms to Trustmark?

All forms and supporting documentation should be returned as soon as possible in order to process the information and apply for the program that most appropriately fits your needs

Will the new monthly payment that I am offered with a loan modification become my permanent payment?

If you qualify for a loan modification, you will be offered a trial payment plan. If you are able to successfully complete the trial plan, we may permanently modify your mortgage loan and you may receive a new monthly payment amount.

 If I miss one or two payments, will my credit be affected?

Yes, your credit will be affected if you miss one or more mortgage payments.  

Can I stop the foreclosure process by exploring other options with you?


The foreclosure process is separate from the mortgage assistance process and can take place while you seek out other options.  If the foreclosure process has begun, it will continue until another option, which has been accepted by you and Trustmark, is in place.   

Are there any special mortgage assistance programs available?

Hardest Hit Funds (“HHF”) offer special mortgage assistance programs for homeowners living in states that were most affected by the financial crisis and recession. To find out more about this Federal program and the states that participate in the HHF, please visit https://www.treasury.gov/initiatives/financial-stability/TARP-programs/housing/hhf/Pages/default.aspx

If I work with a third-party counselor, can I authorize him/her to speak on my behalf?

You can provide a written notice to us indicating that you are working with an outside counselor and that you are granting authorization for the counselor to submit documents to us on your behalf.  Please note that the counselor cannot sign documents for you or make payments for you – these activities are your responsibility.

To find a counselor, visit the U.S. Housing and Urban Development website.  All counselors provide their service at no charge.

 Is housing counseling required?

Counseling is required for borrowers with very high total monthly debt in relation to their income.  Delinquent borrowers are strongly encouraged to contact a HUD–approved housing counselor, at no charge, (http://www.hud.gov/offices/hsg/sfh/hcc/fc/) who can help them understand all of their financial options and create a workable budget plan. 

How can I protect myself from fraud?

Financial fraud is a growing problem, and scammers and con artist are very good at appearing legitimate.  Watch for these warning signs to avoid becoming a victim:

• Never pay a fee for a loan modification or other mortgage assistance programs.  Trustmark, its agents, and certified third parties never charge a fee for these       services.
• Don’t stop making your mortgage payments, even if someone tells you to stop.  Until you have reached an agreement that is accepted by you and Trustmark,      you should continue to make payments.
• Don’t sign over the deed to your home to anyone.
• Don’t believe advertisements or solicitations that promise quick and easy answers to home mortgage payment challenges.
• Be wary of anyone who tells you to send them payments with a promise that they will become an intermediary for you and your lender.
• Don’t provide personal information to anyone – including loan, credit card, bank account, or Social Security numbers – unless you’re absolutely certain the            person making the request is from Trustmark or is a person you have authorized to act on your behalf.

More information about fraud prevention is available at 

www.hud.gov/preventloanscams.

Where can I find more information?

Fannie Mae has created www.KnowYourOptions.com to help homeowners stay informed and take action to avoid foreclosure.

The U.S. Department of Housing and Urban Development has many resources for homeowners who need help avoiding foreclosure.

The Making Home Affordable program for both first and second liens may give you additional payment assistance options.

If you need help in determining if government options or other programs might be right for you, call us at 1.866.229.1656 for more information.
2016 Trustmark National Bank