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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).
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 forbearance plan and would like to see if you qualify.
Trustmark National Bank is required by the Fair Debt Collection Practices Act to inform you that if your loan is currently delinquent or in default, as your loan servicer, we will be attempting to collect a debt and any information obtained will be used for that purpose. However, if you have received a discharge, and the loan was not reaffirmed in the bankruptcy case, we will only exercise our right as against the property and are not attempting any act to collect the discharge debt from you personally.
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