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Loss Mitigation

First Federal understands that at any time circumstances may arise that change your financial situation. Please rest assured that First Federal wants to work with customers to find a way to help. Depending on whether you want to stay in your home or find different housing, First Federal offers different alternatives. Contact us right away so we can assist you with your loan. Please call our Special Assets Department at 1-800-800-1577, extension 3205 between 8 a.m. to 5 p.m., Monday through Friday, to discuss your options.

Loss mitigation options that First Federal has available that may help borrowers keep their home include:

Reinstatement

Paying the total delinquent amount you owe, in a lump sum payment by an agreed upon date with First Federal.

Repayment Plan

Paying back your past-due amount, along with your regular payments, over an extended period of time. This would allow you to pay back the amount owed without coming up with a lump sum.

Refinance

Paying off the balance of your existing mortgage with a new loan with more favorable terms

Loan Modification

This involves a change to your loan terms, such as your interest rate, the amount of principal you owe, or the number of years you have to repay the loan if you qualify.

Payment Extension

This involves a modification or deferral of payments up to three months if you are experiencing a short term or temporary hardship.

Loss mitigation options that First Federal has available to borrowers that determine they do not want to retain their home.

If you are not able to continue paying your mortgage, your best option may be to find more affordable housing. As an alternative to foreclosure, you may be able to sell your home and use the proceeds to pay off your current loan.

Deed-in-Lieu of Foreclosure

This would transfer the ownership of the property to First Federal without going through foreclosure.

Short Sale

This is the sale of your home for an amount less than the amount currently owed on your mortgage, which would forego the foreclosure process. Any deficiency balance may be subject to repayment to First Federal.

Temporary Forbearance

This involves making a reduced mortgage payment, or no mortgage payment, for a specific period of time, which gives you time to liquidate the collateral and payoff your mortgage.

When we receive all the required documents, we will notify you within 5 business days that all required documents are received. We will start the evaluation process and pull your credit report to aid us in evaluating your eligibility. When evaluation is complete, we will send you written notice of the result within 30 days.

If you qualify, you then have 14 days to either accept or reject the offer. If you do not qualify for any of the loss mitigations offer, we will also send you a written notice. You then have 14 days to file an appeal. Your appeal request will be forwarded to another specialist for a review. You will then be notified of the appeal result within 30 days of your request.

First Federal offers our customers the above mentioned loss mitigation options in an effort to aid you to avoid foreclosure. Foreclosure is a legal process a lender can use to take ownership of a property from a borrower who is behind on his/her mortgage payment. The foreclosure process usually begins approximately 60 days after you miss a mortgage payment, although it may begin earlier or later. The foreclosure process depends on the laws of the state where your home is located, the terms of your loan, whether you are covered by the Service members Civil Relief Act and other factors.

For help exploring your options, Federal government agencies provide contact information for housing counselors, which you can access. These counseling agencies are experienced in providing homeownership credit counseling and will provide information, advice, and assistance to help you become current in your loan payments.

These agencies are approved by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Housing and Urban Development (HUD). You can find approved counseling agencies at either agencies websites at:

CFPB or
HUD

You may also contact these agencies by calling 1-855-411-2372 for CFPB or 1-800-569-4287 for HUD. Your state housing finance authority may also be able to help. Please visit their website at http://www.ncsha.org/housing-help.

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