Get Help with Loan Modification & Mortgage Refinancing

Life doesn’t always go as planned. Unexpected illnesses, changes at work and other everyday challenges happen to the best of us, making it difficult to keep up with mortgage payments. We offer a variety of options to help you stay in your home through these tough times. And, if staying in your home isn’t an option, we’ll do everything we can to help you avoid foreclosure.

 

We can help you with:

 

Mortgage Refinance

  • How it Works:
    • Your current loan may be replaced by a new loan with a fixed rate and/or a lower monthly payment
    • Special home refinancing options are available through the Home Affordable Refinance Program (HARP) for loans owned or guaranteed by Fannie Mae or Freddie Mac
  • Key Benefits
    • You may receive a lower, fixed interest rate, helping with longer-term financial stability
    • You might be able to lower your monthly payment

Mortgage Repayment Plan

  • How it Works:
    • Your late payments are distributed over a certain period—usually no more than 10 months
    • A portion of the late amount you owe is added to your regular monthly mortgage payment
  • Key Benefits
    • Brings your account up to date within a specified timeframe
    • With a goal in sight, you can move forward knowing your mortgage loan is secure

Forbearance

  • How it Works:
    • You can make a partial payment—or no payment whatsoever—for a specified period of time (typically 3-6 months)
    • If you are unemployed, HOPE NOW provides valuable resources
  • Key Benefits
    • You can prolong foreclosure or place the foreclosure process on hold
    • It allows time for a temporary financial hardship to be resolved

Loan Modification

  • How it Works:
    • A permanent change in one or more of the terms of a mortgage loan allows the loan to be reinstated to a “current” status, resulting in a more affordable monthly payment
    • Past due interest and escrow may be added to the unpaid principal balance and re-amortized for the remaining loan life
  • Key Benefits
    • You get a fresh start on managing your mortgage loan
    • It can bring your account up to date.
    • You might be able to lower your monthly payments

Loan Modification Options

There are several programs and options available to you depending on your specific financial circumstances and which investor owns your mortgage loan. At SunTrust Mortgage, we seek to inform you of these options and to stay in close communication with you throughout the qualification process. For additional help, please use the following resources for more information on loan modification options.

  • Loans Owned by Federal National Mortgage Association (FNMA or "Fannie Mae")
    If your mortgage is owned by Fannie Mae, please click here for more information on loan modification programs.
  • To determine if your mortgage is owned by Fannie Mae, please visit their website at: http://loanlookup.fanniemae.com/loanlookup/ .
     
  • Loans Owned by Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac")
    If your mortgage is owned by Freddie Mac, please click here for more information on loan modification programs.
  • To determine if your mortgage is owned by Freddie Mac, please visit their website at: https://ww3.freddiemac.com/corporate/ .
     
  • Loans Insured by Federal Housing Administration (FHA)
    If your mortgage is insured by FHA, please click here for more information on loan modification programs.
  • Loans Obtained through the Department of Veterans Affairs (VA)
    If you obtained your mortgage through the VA, please click here for more information on loan modification programs.
  • Loans Owned by SunTrust Mortgage
    If your loan is directly owned by SunTrust Mortgage, then you may qualify for one of our proprietary loan modification programs. Government programs such as Home Affordable Modification Program ( HAMP®) are not available for SunTrust owned loans.

 

ProgramEligibility Factors
Modification
  • You must be experiencing a hardship that is causing or is expected to cause a long term or permanent decrease in your income
  • As part of the review process, you will be required to provide proof of income that supports the modified payment of your mortgage loan
  • SunTrust may use a Net Present Value (NPV) test when reviewing your request for a loan modification
  • Loans with prior or existing loan modifications may be ineligible for consideration of another modification request
  • Second Lien Modification
  • Eligibility factors are similar to the First Lien Modification
  • A successful first lien modification must be completed
  • If the first lien mortgage is not serviced by SunTrust Mortgage, then proof of a successful first lien modification must be provided
  • If it is not possible for you to retain your property, there are still options available to you that can prevent foreclosure.

     

    ProgramEligibility Factors
    Short Sale
  • You must be experiencing a hardship that is causing or is expected to cause a long term or permanent decrease in your income
  • You must provide a fully executed purchase contract for the property for approval by SunTrust Mortgage
  • As part of the review process, you will be required to provide proof of income and assets that support the hardship
  • Deed in Lieu
  • The property must have clear and marketable title
  • Property must meet certain condition requirements
  • In most instances, delinquent real estate taxes or HOA dues must not be past due
  •  

    For further assistance with these programs, you may reach our representatives at 1-800-443-1032 (option 2) Monday-Thursday 8 a.m. to 10 p.m. EST, Friday 8 a.m. to 8 p.m. EST and Saturday 9 a.m. to 3 p.m. EST. Please have your SunTrust Mortgage loan number ready when you call.

    • Loans Owned by Private Investors If your mortgage is owned by a private investor, then any loan modification will be evaluated on an individual basis based on the requirements of your investor.

    Get Help—and Get Started—in 3 Easy Steps

     

    1. Call us today. Our representatives are ready to help you personally, and can be reached at 1.800.443.1032 (select option 2) Monday through Thursday, 8 a.m. to 10 p.m. EST, Friday, 8 a.m. to 8 p.m. EST, and Saturday, 9 a.m. to 3 p.m. EST. Please have your SunTrust Mortgage (STM) loan number ready.

    2. Document your hardship. Be prepared to illustrate why you've missed your monthly payments (i.e. income reduction, divorce, medical issues, etc.)

    3. Gather your information. We need a complete understanding of your financial situation to determine the best option for you. Once you decide to apply for a loan modification or other assistance, download your investor package from the list below. If you are unsure which package is the correct package for you, our representatives are available to assist at 1.800.443.1032 (select option 2).

    Please Note! These forms must be signed in ink and mailed to SunTrust Mortgage at the address provided below.

    Uniform Borrower Assistance Form in the Portfolio Package only

    4506-T and 4506-EZ - All Investors

    Arm's Length Affidavits - All Investors

    • Fannie Mae Package
    • Freddie Mac Package
    • VA Package
    • FHA Package
    • Private Package
    • Portfolio Package
    • Universal Package
    • Hardship Letter - a personal letter from the borrower documenting any significant financial hardships that have resulted in an inability to make timely mortgage payments. Examples include, but are not limited to:
      • Job Loss
      • Illness/hospitalization
      • Loss of income
    • First and second mortgage payment information and account numbers
    • Recent bank statements
    • Other monthly expenses (car payment, student loans, credit card bills, etc.)
    • Documentation of Current Household Income - the following documentation is required to verify the types of household income specified below:
    Household Income TypeRequired Documentation
    Wage Earner (W2 employee)
  • Most recent paystubs that reflect the last 30 consecutive days of year-to-date earnings for each employed borrower with the most recent stub dated within 60 days
  • Child Support/Alimony*
  • Copy of court ordered document that states amount of the alimony, child support or separation maintenance payments and the period of time over which payments will be received
  • Most recent bank statements that reflect the last 60 days showing receipt of payment
  • Social Security, Disability, Death Benefits, Pension, Public Assistance, Adoption Assistance
  • Award letter dated within the current year
  • Most recent bank statements that reflect the last 60 days showing receipt of payment
  • Self-Employed
  • Most recent year-to-date Profit & Loss Statement signed and dated
  • Most recent bank statements that reflect the last 60 days (personal and business)
  • Prior 2 year's complete business tax returns signed
  • Prior 2 year's personal tax returns signed
  • Rental Income
  • Copy of current Lease Agreement
  • Most recent bank statements that reflect the last 60 days showing receipt of rental payment; or
  • Most recent cancelled rent checks that reflect the last 60 days
  • Seasonal rentals: Year-to-date Profit & Loss Statement signed and dated; or prior year's tax return signed
  • Investment Income
  • Most recent bank statements that reflect the last 60 days showing receipt of payments; or
  • Most recent investment statements that reflect the last 60 days showing receipt of payments
  • Other Earned Income
  • Letter of contribution provided by third-party that provides monthly amount and authorization given to STM to review financial income and social security number
  • Income documentation from the third-party as stated above
  • *Income from alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repayment.

    4. Return the completed forms and documentation using one of the delivery methods below. Our representatives are ready to help you personally, and can be reached at 1.800.443.1032 (select option 2) Monday through Thursday, 8 a.m. to 10 p.m. EST, Friday, 8 a.m. to 8 p.m. EST, and Saturday, 9 a.m. to 3 p.m. EST. Please have your SunTrust Mortgage loan number ready.

    Fax:

    You may fax all documents that do not need to be signed in ink and mailed to 877.589.0758. A fax cover sheet with directions has been included in each package.

    Mail:

    You may mail all documents to:

    SunTrust Mortgage Inc.

    VA-RVW-5113

    PO Box 26150

    Richmond, VA 23260

    • Please ensure that all documents are in a PDF format.
    • Please do not send more than 8 attachments in each submission. If you have additional documents, please send in a separate email.
    • If you are submitting documents for more than one loan, please send a separate transmission for each loan.

    IMPORTANT NOTES

    Please do the following to facilitate the prompt and accurate imaging of your documents:

    • Include your FULL name, applicable 10 digit loan numbers and date at the top of the form.
    • Ensure each document includes a valid mortgage loan number. If multiple documents for the same loan are being submitted, include the loan number at the top of each page.
    • Please refer to the Homeowner Checklist and the Uniform Borrower Assistance Form 710 to ensure that all required information is being submitted.

    Once you've completed these steps, you will be assigned and contacted by a Home Preservation Client Representative (HPCR) if you are not already working with one. The role of the HPCR is to be your one point of contact throughout the qualification process.

     

    Options to Avoid Foreclosure

    • If you truly cannot remain in your home, there are options available to prevent foreclosure.
      • Click here to learn more about our Short Sale option.
      • Click here to learn more about our Deed-in-Lieu of Foreclosure options.

    Additional Resources and Forms

    • The following tools and resources available to assist you with your financial situation:
      • HOPE NOW Alliance - an organization that brings together counselors, mortgage companies, investors, and borrowers to provide assistance to distressed homeowners.
      • Learn About Homeowner Unemployment Resources - assistance available to unemployed homeowners, organized by HOPE NOW.
      • Foreclosure Prevention Events in Your Area - events organized by Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") and designed to provide advice to distressed homeowners.
      • Foreclosure Prevention Advice - advice for avoiding foreclosure provided by the US Department of Housing and Urban Development (HUD), as well as access to free, HUD-certified housing counselors.
    • Click here for more information on our Escalation Process.
    • At SunTrust Mortgage, we’re committed to protecting your privacy. Click here to learn more about our Privacy and Security Policy.

    To speak to a SunTrust Mortgage loan representative, call 1.800.443.1032 (select option 2).  Our representatives are ready to help you personally, Monday through Thursday, 8 a.m. to 10 p.m. EST, Friday, 8 a.m. to 8 p.m. EST, and Saturday, 9 a.m. to 3 p.m. EST. Please have your SunTrust Mortgage loan number ready.

    Home Affordable Refinance Program (HARP)