Hardship Assistance

Central Mortgage Company (CMC) is pleased to offer assistance to homeowners who are experiencing a financial hardship. As your servicer of choice, we want to help you retain your home or help to ease your transition to a new home. If you are experiencing a hardship the time to act is now. Please review the overview of different hardship assistance options below.

The Home Affordable Refinance Program (HARP) aims to assist homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under HARP, many of them will now be eligible to refinance their loan to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan. This flexibility will make the refinance quicker and less costly for both borrowers and lenders. The program expires on December 31, 2015. This program is only offered to Fannie Mae and Freddie Mac eligible loans. Please contact Central Mortgage Company to determine if you qualify.

The Home Affordable Modification Program (HAMP) aims to reduce monthly payments to make them sustainable. Central Mortgage Company (CMC) uses the uniform loan modification process provided by the specific loan’s investor to provide eligible borrower(s) with affordable monthly payments. CMC will have HAMP as a loss mitigation option for borrowers through the program’s expiration date of December 31, 2015. HAMP includes incentives for borrowers who remain current on their modified loan. This program is only offered to Fannie Mae and Freddie Mac eligible loans. Please contact Central Mortgage Company to determine if you qualify.

To learn more about these programs please visit www.makinghomeaffordable.gov and www.knowyouroptions.com. Click here to view interactive options to avoid foreclosure.
Please review the full list of options available below.

Helpful Links for additional Foreclosure Prevention Information:

Find a HUD-approved Counselor in your area by visiting http://www.hud.gov/offices/hsg/sfh/hcc/fc/

Please contact a HUD Certified Housing Counselor call toll free at 1-800-569-4287.

What financial documents do I have to submit?

Ready to apply for HAMP? Click here

Ready to apply for Hardship Assistance? Click here

Hardship Assistance Request Frequently Asked Questions

Program Type Current Financial Hardship Benefits
Repayment Plan Short-Term Hardship. You have the financial ability to make more than the regular monthly payment but have fallen behind on your mortgage Allows you to bring your account current by paying your monthly payment plus a portion of all past due payments.
Forbearance Short-Term Hardship. You have no or a limited amount of income. Allows you to temporarily reduce your monthly payment to allow you to recover from your hardship. Can lead to other workouts once the forbearance period is over.
Home Affordable Modification Program (HAMP) Permanent/Long-term Hardship and Occupy Property as Primary Residence. You do not have the financial ability to make the current regular monthly payment. Allows you to temporarily reduce your monthly payment over a three/four month trial period if approved. Your loan could be permanently modified to an interest rate as low as 2% (as applicable). An escrow account will be set up for taxes and insurance. Borrower incentives are available for program performance.
Traditional Modification Permanent/Long term Hardship and want to keep the property. You do not have the financial ability to make the current mortgage payment and you are not eligible for the Home Affordable Modification Program. Allows you to reduce your monthly mortgage payment. If approved by investor and/or insurer the delinquent interest, escrow shortage, and other fees will be capitalized. An escrow account will be set up for taxes and insurance.
Presale/Short Sale Permanent/Long-term Hardship and want to leave the property. You do not have the financial ability to make the current mortgage payment and/or are unable to qualify for a modification. Allows you to sell your property for less than what is owed to satisfy your debt if approved by the investor. Beneficial if your property value has decreased. Must have a licensed realtor and be an “arms-length transaction.”
Deed in Lieu Permanent/Long-term Hardship and want to leave the property. Allows you to ask your investor/or insurer to accept the deed for your property in lieu of foreclosure. Beneficial if you have been unsuccessful in your efforts to sell your home. Home must be marketed for at least 90 days.