Capital City Home Loans is here to help you!
We are committed to preserving neighborhoods and communities through continued homeownership. It is our desire to help all homeowners retain their homes whether you are looking for a way to make your payments easier each month OR you have fallen behind.
Please contact a mortgage default specialist at 1-855-232-8519.
Options to help you keep your home:
Options can vary depending on the status of your loan, your individual situation, loan type, and other factors. To qualify for any of the options listed below, you will need to provide Capital City Home Loans with current information about your income and expenses. Below is a list of sample options that may be available, each of the programs has its own eligibility requirements:
Repayment Plan – Pay back your past-due payments together with your regular payments over an extended period. Allows you time to catch up on late payments without having to come up with a lump sum.
Forbearance – Temporary reduction or suspension of your payments to allow you time to overcome the problem that reduced your income. Then you may be offered a payment plan so you can pay back the missed payments a little at a time until your loan is reinstated. An extended forbearance period may be provided to unemployed borrowers who are actively seeking employment.
Mortgage Modification – A modification is a permanent change to your loan in which the overdue payments may be added to your loan balance, the interest rate may be changed or the number of years you must pay off the loan may be extended.
Partial Claim – This option is only available if your mortgage is insured by FHA. In a partial claim, a borrower receives a second loan in an amount necessary to bring the delinquent loan current. The loan is interest free and does not need to be repaid until you pay off your first mortgage or sell your house. This option is only available to borrowers with FHA-insured loans.
FHA-HAMP – This option combines an enhanced partial claim with a loan modification. Under the FHA-HAMP, the partial claim loan will not only include any amounts necessary to bring your mortgage current but may also include an amount to reduce your existing loan balance by up to 30%. The reduced loan balance will then be modified to lower your monthly mortgage payment to an affordable level. As described above, the partial claim is interest free, but must be repaid when you pay off your first mortgage or sell your house. This option is only available to borrowers with FHA-insured loans.
Capital City Home Loans may require that you agree to a payment plan for three or more months to demonstrate your commitment before you are approved for a modification or partial claim.
Options if you can’t keep your home:
If your income or expenses have changed so much that you are not able to continue paying the mortgage even under a workout plan offered by Capital City Home Loans, you should consider the options below:
Pre-foreclosure Sale – With Capital City Home Loans permission you may list your house for sale and sell it at fair market value even if the amount you receive from the sale is less than the amount you owe. If you meet certain conditions, you may be eligible to receive relocation expenses.
Deed-in-lieu of foreclosure – As a last resort, you may be able to voluntarily deed your property back to Capital City Home Loans. If you leave the property clean and undamaged you may be eligible to receive relocation expenses.
There could be income tax consequences to any plan that reduces the amount of debt you owe so check with a tax advisor before accepting these workout options.
The Hardest Hit Fund (HHF), program was created to help homeowners in states affected by housing price declines and the recession. If you are having difficulty making your mortgage payments and you live in a participating state, the Hardest Hit Fund may be an option.
|Hardest Hit Funds Program by State||Visit your state’s website for program details, requirements and information on how to apply.|
|Home Affordable Refinance Principal Reduction Program||Florida||www.flhardesthithelp.org|
|Second Lien Unemployment Program||Kentucky||www.kyhousing.org|
|Second Lien Reinstatement Program||North Carolina||www.ncforeclosureprevention.org|
|Modification with State Contribution Program||South Carolina||www.schelp.gov|
|Principal Reduction Program||Tennessee||www.keepmytnhome.org|
|First Lien Relief Program|
|Second Lien Relief Program|
|Transition Assistance Program|
Help is available. Free assistance from HUD-approved housing counseling agencies is available to you. To locate a housing counseling agency near you visit: www.hud.gov/findacounselor or www.consumerfinance.gov/find-a-housing-counselor/ . You may also call HUD’s Housing Counselor Locator Service at (800)569-4287. Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at (800)877-8339. Comprehensive foreclosure assistance is available around the clock at (888)995-HOPE (4673).
Please call (855) 232-8519 to speak with a Capital City Home Loans Loss Mitigation representative.
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.
If you have a VA mortgage, please visit www.va.gov to learn more about your options. You may also learn where to speak to a VA Loan Administration representative by calling 1-800-827-1000.
Military Service Members
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 Capital City Home Loans Loss Mitigation Department.
Be aware of:
- Beware of foreclosure prevention scams! You may be approached by organizations with official sounding names offering a quick fix to your mortgage problems. They often charge hefty fees or require that you “temporarily” sign over your deed to them.
- Never sign any papers you do not fully understand.
- Consult a lawyer, Capital City Home Loans Loss Mitigation Representative, trusted advisor, or a HUD-approved counselor before entering any deal involving a loan assumption, contract of sale or transfer of the deed to your home.
- If you cannot afford your current mortgage, don’t be talked into refinancing into a new loan with a higher payment.
Notice of Error (NOE) or Request for Information (RFI). If you believe 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 NOE or RFI to the following address:
50 Chastain Center Blvd
Kennesaw, GA 30144
Your NOE or RFI must include your name, loan number, and sufficient detail to inform us of the basis of your NOE or RFI. You may also reach us at 1-855-232-8519 or ServicingHelpdesk@cchl.com. Upon receipt of your request, Capital City Home Loans will log and provide an acknowledgement within 5 business days of receipt via mail, email, or fax. We will also provide a contact name or department, a reference name or number, a resolution date, and our toll-free escalation contact phone number at Capital City Home Loans. Our service commitment to our customers is to research and resolve no later than 30 days (excluding holidays, Saturdays, and Sundays) after Capital City Home Loans receive the applicable consumer request or complaint.
Coronavirus (COVID-19) Update
We are committed to helping our customers affected by the unexpected crisis of the COVID-19 Pandemic, especially when it comes to your family and your most valued asset – your home.
Short-term relief may be available. If you are experiencing a financial crisis due to the pandemic and were current on your mortgage as of March 13, 2020, you may have the option to temporarily pause your mortgage payments. This is called a forbearance, and it has no impact to your credit.
While forbearance may be a great option to help you through this crisis, remember, once your forbearance is over, any paused payments will need to be repaid. We’ll work with you to find a payment solution that works for you, but it’s best to save this option until you need it most.
Is forbearance the right option for you? Forbearance due to the COVID-19 pandemic is available to you in the following situations:
- You have recently become unemployed due to the pandemic.
- You are sick and can’t work.
- You are caring for a sick family member and therefore can’t work.
- You have experienced a significant decline in income due to the pandemic.
If you qualify for a forbearance, you may be able to pause your mortgage payments for an initial period of three to six months. After that period, we’ll work with you to reevaluate your situation and figure out what’s next. Please contact us in writing at email@example.com OR by mail to 50 Chastain Center Blvd., Kennesaw, GA 30144.
What happens after a forbearance? At the end of your forbearance period, all payments not made during the forbearance period will have to be paid back. We realize this will probably be a big financial burden, which is why you’ll have a few options for how to handle it:
- Pay it as a lump sum — If possible, the simplest option is to pay back the amount owed as a lump sum and pay off the amount you owe at one time. In some cases, there may be an option to pay it back at the end of the loan term.
- Start a repayment plan — Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance.
- Loan modification — If you are unable to pay a lump sum, we will work with you on a loan modification. This will most likely change the structure of your loan (interest/term) in order to make it possible for you pay back the amount owed due to the forbearance over the term of this new loan.
Note: Please do not stop making your mortgage payments until you have been approved for a forbearance plan. These programs are not payment forgiveness programs. They will require any paused payments to be repaid, so save these options for when you need them most.