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CORPORATE INFORMATION

Provident Bank
3756 Central Avenue
Riverside, CA 92506
Phone:  (951) 686-6060

Access Plus Direct Talk
24 Hour Information
Phone:  (800) 442-5201

Provident Bank Mortgage
Direct Loan Center
Monday - Friday
8:30 a.m. - 5:00 p.m
Phone:  (800) 250-1713

• AVOIDING FORECLOSURE  

Financial Package Requirements Financial Statement Form 4506T/Form SSA 89
 

AVOIDING FORECLOSURE

What if you cannot pay your mortgage and need help now? Call your mortgage company now!

You may reach an individual to help you at Provident Bank by dialing (800) 686-3756, extensions 15150, 15008, or 16161.

Keeping Your Home, Protecting Your Investment

Sometimes, the unexpected challenges of life can make the responsibility of homeownership a tough one. If you have lost your job, been through a divorce or suffered illness, you may be having a hard time making your mortgage payment. If so, there is help available.

In an effort to help you get your mortgage back on track, call us today to find a solution that is right for your individual situation. Don’t risk losing your home or jeopardizing your credit when there’s help available.

Avoiding Foreclosure

If you don’t pay your monthly mortgage payments over a period of time, the mortgage company can foreclose. This means you will lose title to your property and may be evicted from your home.

A foreclosure becomes part of your credit report and may adversely affect your ability to obtain credit in the future. To avoid possible foreclosure, it is helpful to have money saved to cover several months of your housing costs in case of an unexpected emergency, like job loss, divorce or separation, serious illness, or the death of a loved one.

What if You Cannot Pay Your Mortgage?

1.  Call your mortgage company now!
You may reach an individual to help you at Provident Bank by dialing (800) 686-3756, extensions 15150, 15008, or 16111.

As soon as you realize that you are unable to make your mortgage payments, talk about your circumstances with the mortgage company to which you send your monthly mortgage payment. Your options for retaining your home are most effective when you are only one or two payments behind.

Too many people in financial trouble wait until the last minute to call their mortgage company. Some hope their problems will quickly resolve themselves, others worry the mortgage company will rush to collection or foreclosure. The truth is: the longer you wait, the greater your chance of losing your home because of the increasing amount of debt. If you are unable to make your mortgage, don’t delay—call your mortgage company immediately. In a significant number of all foreclosures, the borrowers did not return their mortgage company’s calls or written invitations to discuss payment options.

Depending upon your situation, your mortgage company may be able to provide you with temporary financial relief. Here are a number of alternatives to discuss with your mortgage company.
  • Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
  • A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
  • A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of the amount past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
  • A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your mortgage to make the payments more affordable. Common loan modifications include
    • Deferring missed payments
    • Modifying the terms of your existing mortgage.
2.  Contact a Non-Profit Housing or Credit Counseling Agency

Non-profit housing and credit counselors can help you analyze your financial situation. They can help you organize a budget to pay your mortgage and other monthly expenses—without your mortgage company’s initial direct involvement. These agencies can also help you to find and take advantage of local services or programs that provide financial, legal, medical or other support.

You can find a credit counseling agency in your local phone book or by contacting the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern time. You can find a list of HUD approved agencies by visiting the HUD website at www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm.


What if You Can no Longer Afford to Keep Your Home?


If you need help with the following workout scenarios, you can download the Financial Package Requirements and Financial Statement listed at the top of this page.


If you cannot or do not want to keep your home, your mortgage company can work with you to avoid foreclosure. This can help reduce the negative effect on your credit reputation. There are several different ways this might occur depending upon your financial circumstances:
  • Your mortgage company may permit a qualified borrower to assume or take over your mortgage debt and make the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.
  • If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale. You may owe taxes on the amount that is forgiven.
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