Please contact us at 888.886.0696 or email us at equityhomeretention@suntrust.com if your question is not answered below.
What happens if I miss my mortgage payments?
Foreclosure may occur. This means your lender can legally repossess your home and cause it to be sold. When this happens, you must move out of your house. If your property is sold for less than the total amount you owe on your mortgage, a deficiency judgment could be pursued, meaning you would not only lose your home, you would owe the deficiency amount.
Who do I contact if I cannot make my payment?
You can contact a Home Retention Team specialist at 888.886.0696, Monday - Friday from 8:00 a.m. ET to 6:00 p.m. ET.
How long do I have to act?
Time is of the essence when you are behind on house payments. Each day that passes makes it that much harder to get a workout agreement. The home foreclosure process can take anywhere from a few weeks to a few months, depending on your state law and other factors.
What if I just let my home go to foreclosure?
First and foremost, a foreclosure will damage your credit for many years. The chance of ever owning another home is greatly impacted. Any purchases that you are able to make on credit will be at a much greater cost due to higher fees and interest. Second, if your home is sold at auction, you may not be relieved of liabilities under your mortgage loan. In most states, the homeowner is still liable for the difference between what was owed, plus the penalties, interest and fees, and what the home brings at auction. Third, you will not be able to stay in your home. You will have to relocate your family, and finding a rental with a damaged credit rating and foreclosure will be difficult and costly. The worst thing that you can do is let your house go to foreclosure.
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