Mortgage Loan Assistance Programs

Get Help with Loan Modification and 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.

  • Home Affordable Refinance Program (HARP)

    • Declining home values are a reality for many homeowners, and it can be difficult to obtain a traditional refinance when you owe more on your home than it’s worth. Fortunately, there are options to pursue refinancing with the help of the government-sponsored Home Affordable Refinance Program (HARP). HARP is designed to help you save on your mortgage payments and improve your overall financial health.

      You may qualify for HARP if:

      • Your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae
      • You are up to date on your mortgage payments
      • You have demonstrated an acceptable payment history for your mortgage
      • You apply for refinancing on or before September 20, 2017

      Benefits of HARP:

      • The HARP program could help you move into a more stable loan program - switching from an adjustable-rate mortgage to a fixed-rate mortgage - for long-term security
      • You might be able to secure a lower, fixed interest rate
      • It could reduce your monthly mortgage payment
      • It could improve your financial situation
      • You may be able to roll the refinancing closing costs into your new loan and likely don't need to bring cash to closing
      • HARP loans often don't require an appraisal

      If you want more information on HARP or need to determine if you are eligible to participate in the HARP program, contact a SunTrust mortgage loan officer, or call 800.330.4684. Monday thru Thursday: 8am to 8pm ET, Friday: 8am to 6pm ET and Saturday: 9am to 1pm ET.

  • 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

    • 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 could 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 & Resources

    • There are several programs and options available to you depending on your specific financial circumstances and which investor owns your mortgage loan. At SunTrust, 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.

      Are you eligible for a Loan Modification Program?

      Modification Type Eligibility Criteria
      First Mortgage 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
      • 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, then proof of a successful first lien modification must be provided

      Additional Loan Resources & Information:

  • Options to Avoid Foreclosure

    • If you truly cannot remain in your home, there are options available to prevent foreclosure.

      Short Sale
      Eligibility factors:

      • 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 and assets that support the hardship
      • You must provide a fully executed purchase contract for the property for approval by SunTrust

      Deed in Lieu
      Eligibility factors:

      • 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

      Hardest Hit Fund
      State Sponsored Assistance – The Hardest Hit Fund Program

      • The U.S. Treasury awarded $7.6 billion dollars to 18 states and the District of Columbia deemed hardest hit by the economic downturn to develop innovative programs designed to prevent foreclosure and to stabilize the housing markets.
      • There are several programs and options that may be available to you. * To find out if you qualify for Hardest Hit Fund Assistance contact your State Housing Finance Agency. Click here for participating states and contact information.
  • Additional Resources and Forms

    • The following tools and resources are 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.

At SunTrust, we're committed to protecting your privacy. Learn more about our Privacy and Security Policy.

For further assistance with these programs, you may reach our representatives at 800.443.1032 Monday through Thursday 8 a.m. to 10 p.m. ET, Friday 8 a.m. to 8 p.m. ET and Saturday 9 a.m. to 3 p.m. ET. Please have your SunTrust mortgage loan number ready when you call.

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