Overview — Mortgage Assistance
We have several mortgage assistance plans available to homeowners. Qualifying depends on several factors, including the type of loan you have, how far behind you are on payments, and your ability to make your mortgage payment in the future.
If you are having trouble making your mortgage payments, please apply for assistance
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Financial difficulties can happen at any time — job loss, reduction in pay, illness, divorce, or an unexpected increase in expenses. If financial difficulties are making it tough to pay your mortgage, you might qualify for assistance that could help.
Here are three of the most common plans. If you are approved for one of these, your plan documents will include the actual terms and details.
PARTIAL CLAIM: This plan is an interest-free loan from your investor/insurer that doesn't change the terms of your primary loan. The partial claim balance will be due when you pay off your mortgage, when you sell or refinance the property, or when the loan reaches its maturity date. Depending on the details of your loan, this plan may be offered under another name.
REPAYMENT: This plan allows you to spread out missed payments over a set period of time so you can catch up without changing the terms of your loan.
LOAN MODIFICATION: This plan works by adding the past-due amount to the principal loan balance, extending the loan to 30 or 40 years, and adjusting your interest rate.
UNEMPLOYMENT: This plan allows you to make lower monthly payments while looking for a new job if you're temporarily unemployed.
If you're in active bankruptcy and are interested in mortgage assistance, please have your attorney contact us.
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If you think that you can no longer afford your home, applying for mortgage assistance is a good place to start.
We offer assistance plans to qualifying homeowners who want to transition to more affordable housing but, due to circumstances beyond their control, are unable to sell the property and pay the loan in full.
If staying in your home is not an option, and you want to move to more affordable housing and avoid foreclosure, you may want to consider the following:
SALE: The best way to move to more affordable housing is to sell your property and pay off the loan.
SHORT SALE: If you aren't able to sell your home for enough to pay off the loan, a short sale could allow you to sell your home for less than what you owe.
DEED-IN-LIEU: As a last resort, this allows you to sign over the deed to your property and avoid foreclosure.
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Midland offers a disaster forbearance plan, which allows you to stop making your payments for three months while you get your property repaired or you wait to return to work. Interest still accrues during this time; however, during the plan period, we won't charge late fees or report the loan as past due to credit bureaus.
Once the plan period is over, you will need to make the three payments in a lump sum, or you can apply for mortgage assistance to see if you qualify for a permanent assistance option such as a loan modification.
You may choose to make payments any time during the plan to reduce the amount you will need to pay when it ends. If your home is repaired or you are able to return to work before the end of the plan, please contact us immediately to discuss payment or mortgage assistance options.
If you were affected by the disaster but don't live in the FEMA-declared disaster area, you may still qualify for a forbearance plan if you have experienced an increase in expenses (or a decrease in income) as a result of the disaster.
If it takes longer than three months to repair your property, we'll give you more information on how to apply for additional assistance options, including the possibility of extending the plan period.
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We recommend you explore the following opportunities for assistance.
U.S. Treasury's State Assistance
The U.S. Treasury provided states with funds to help qualifying homeowners who are struggling to make monthly mortgage payments and who may be at risk of losing their home. The funds are provided to homeowners by their state housing agency. Go to the U.S. Department of the Treasury website to find out more.Talk to a HUD-Approved Housing Counselor
A HUD-approved housing counselor can help you find federal, state and local homeowner assistance programs, show you ways to better manage your money, and help you create a plan to get out of debt. To locate a housing counselor near you, please call HUD at 800-569-4287 or go to the HUD website.