FAQs

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

The purpose of the Trial Period Plan is to show that you’re willing and able to make the modified monthly payments. The trial period lasts a minimum of three months. If you qualify, we’ll send you a Trial Period Plan Notice explaining the terms and amount of your payments. It will be based on our estimate of what your monthly payments would be with a permanently modified loan.

Your Trial Period Plan becomes effective when you make your first trial plan payment. Payments can be made online using the One-Time Payment option on this website. You must make each Trial Period Plan payment in a timely manner, in the amount specified in the notice, in order to receive a permanent modification. If your original loan payment does not include amounts to pay your property taxes and/or homeowners insurance, an escrow account will be created and those amounts will be added to your monthly payment.

If you’re unable to successfully complete the Trial Period Plan to receive a permanent modification of your mortgage, you may need to consider options that involve relocation to a more affordable home. If your home is currently worth less than the amount remaining on your loan, you may be able to either sell your house through a short sale or sign over title to your home to your lender through a deed in lieu of foreclosure. These programs usually include relocation assistance payments to help you move to a more affordable home.