More Manageable Payments
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.
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.
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.