FAQs

What is a trial modification or trial plan? What happens if I don't successfully complete the trial plan?

A Trial Period Plan is a temporary payment schedule—typically lasting a minimum of three months—that allows you to demonstrate you can comfortably afford a newly modified mortgage payment.

• The Notice: If you qualify, we will send you a Trial Period Plan Notice detailing your new estimated payment amount.
• Getting Started: Your plan becomes active the moment you make your first trial payment (which you can do online using our One-Time Payment option).
• The Requirement: To receive a permanent loan modification, you must make every trial payment on time and in the exact amount specified in your notice.
• Escrow Changes: If your original loan did not include an escrow account for property taxes and homeowners insurance, one will be created, and those costs will be included in your new monthly payment.

What happens if I don't successfully complete the trial plan?

If you are unable to complete the trial plan, you will not receive a permanent loan modification. However, we can still help you explore other options to resolve your hardship, which may involve transitioning to more affordable housing.

• Short Sale: If your home is worth less than your remaining loan balance, you may be able to sell the property for less than what you owe.
• Deed in Lieu of Foreclosure: You may be eligible to sign the title of your home over to your lender to satisfy the debt.
• Relocation Assistance: Depending on your specific loan type and investor guidelines, some of these relocation programs may offer financial assistance to help you move.