Home Retention Options
First Federal Lakewood wants to keep you in your home. We offer a number of alternatives to assist you with finding a payment alternative to allow you to get back on your feet.
· Forbearance: Provides a temporary reduction or suspension of payments on a loan, followed by an arrangement to cure the delinquency.
· Repayment Plan: An arrangement in which past due amounts are paid over a period of time in conjunction with regular monthly mortgage payments.
· Modification: One or more of the existing loan terms are changed to provide temporary payment assistance. This could include; change to the mortgage loan type (such as from an adjustable to a fixed), extension of the mortgage terms, step rate, capitalization of delinquent amounts, and/or reduction to the interest rate.
· Home Affordable Modification (for Fannie Mae and Freddie Mac Loans Only): this option is available to loans not owned by First Federal Lakewood but rather loans that are owned by Fannie Mae or Freddie Mac. Visit www.makinghomeaffordable.gov for more information about the Home Affordable Modification Program.
· Partial Claims (for FHA Loans Only): First Federal of Lakewood may be able to work with you to obtain a one-time payment from the FHA Insurance fund to bring your mortgage current.
Be advised that not all home retention options will be offered on a permanent basis.
In order to apply for a Home Retention Option you will need to:
Download our Borrower Financial Information Sheet and the List of Supporting Documentation.
Complete and sign the form and submit all of the supporting information to:
First Federal Lakewood
Loss Mitigation Department
14806 Detroit Avenue
Lakewood, Ohio 44107
Fax (216) 221-4507
We urge you to be as detailed as possible, making certain to list all income, assets, debts and liabilities for all persons on the loan. An incomplete package may delay processing. Upon receipt, your account will be assigned to a loss mitigation specialist, a credit report will be obtained and a review of your account completed. Allow approximately 3-4 weeks for review after all requested documentation has been received. You will be notified in writing of the recommendation.
We encourage you to provide as much documentation as you can to help explain and clarify your situation.
All supporting financial documentation must be submitted with the loss mitigation packet. A review will not be completed unless all supporting financial documentation is received.
You do not need to be delinquent on your loan in order to apply for any of these options. We strongly encourage you to seek assistance prior to missing a payment.