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 forbearance 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.
STEPS TO FOLLOW
1 - GATHER YOUR FINANCIAL INFORMATION
Have the following basic financial and loan information on hand when you contact Trustmark.
• Your mortgage statements, including information on a second mortgage (if applicable)
• Your other monthly debt payments (e.g., car or student loans, credit card payments, etc.)
• Your income details (paystubs and income tax returns)
2 - EXPLAIN YOUR CURRENT SITUATION
Be ready to outline your current hardship, explain why you are having trouble making your mortgage payment, and whether this is a short-term or long-term problem. We need to understand the reasons why you are having difficulty in order to find the right solution for you.
3 - CONTACT TRUSTMARK
Contact us at 1.866.229.1656 and tell us you are interested in a repayment plan and would like to see if you qualify.