Sortis Financial is committed to providing you with relevant information that can help you understand your mortgage. Whether you are in a difficult financial situation or need help understanding your statement, our website and loan specialists provide you with the information and assistance you need to address most questions. Our dedicated advisors are just a phone call away at 866-660-5804.
If your mortgage is past due or you are facing foreclosure, we may be able to work with you to bring your account current while minimizing the negative impact on your credit.
You can contact a Homeowner Solutions Center advisor at 866-660-5804 or you can log in to your account online and go to Payment Help. You'll find the necessary forms there to help you through this process.
Although eligibility is determined on a case-by-case basis and is not guaranteed, we may be able to arrange one of the following loan solutions to help address your situation:
ClearSpring may be able to arrange a plan based on your financial situation to spread out repayment of your past-due balance over an extended period of time. Special forbearance allows the borrower to "pause" their payment for a period of time, but all payments are due at the end of the special forbearance.
ClearSpring may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. You would then have the ability to pay back this loan to the insurance company over an agreed upon period of time.
This allows you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure. Items you need for a Short Sale or Pre-Foreclosure Sale:
1. Hardship Letter
2. Four paystubs, covering a two month period
3. Two months bank statements
4. If self-employed, certified profit and loss statement for the previous two quarters and a signed 4506 may be required.
5. If you are currently working with a realtor, a Letter of Authorization to speak with the realtor is required.
6. If you need a realtor, ClearSpring can recommend a realtor
7. Purchase Agreement if there is already an offer on the property.
As a last resort, you may be able to voluntarily transfer ownership of your property to the lender. You won't be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is available only if there are no other liens or judgments on the property.
Items you need for a Deed-in-Lieu of Foreclosure:
1. Hardship Letter
2. Four paystubs, covering a two month period
3. Two months bank statements
4. If self-employed, certified profit and loss statement for the previous two quarters and a signed 4506 may be required.
5. If your current loan has mortgage insurance (MI), you will need 60 days proof of listing the property at fair market value before a Deed-In-Lieu will be considered.
If you know your payment is going to be past-due, please contact ClearSpring immediately. Communication is critical to protect your home and your credit. We can help minimize any negative impacts associated with the past-due status of your account and provide you with additional resources that could help manage your financial difficulties.
If you are more than 60 days past due, you may be put in touch with an advisor from the Homeowner Solutions Center who is an expert in providing loan solutions.
A loan that has periodic rate adjustments at specific intervals. (ie. 3mo. 6mo. 12mo. 3yrs)
A final lump sum installment due on a note or mortgage that pays the loan off in full at maturity.
Percentage of the principal balance of all loans secured by the property divided by the value of the property.
A loan with a fixed rate, fixed term.
The relationship between income and debt.
The cash value of a property after repaying loans.
The deposit of funds with a third party to carry out specific transactions.
Insures up to $250,000 for each depositor in most commercial banks.
A credit risk score that measures from 300 to 800.
A mortgage with priority over all other mortgages.
A loan with a fixed rate over the term of the loan.
A legal proceeding to take possession of collateral securing a defaulted loan.
Loans of over $417,000 or more in most states.
A mortgage whose lien, or junior, to a prior mortgage such as a First Mortgage.
A charge against property making it security for the payment of a debt, mortgage or taxes.
Ease of converting assets to cash.
Form used to qualify a borrower for a loan.
The loan amount compared to the property value.
A lien placed on property by contractors that provide home improvement work or construction.
An encumbrance on property used to secure a loan. The holder of the lien has a claim to the property in case of loan default.
A residential structure with more than one dwelling in the same building, such as a condo or duplex.
A residential mortgage loan exceeding the loan specifications set by FNMA and FHLMC.
A document that is delivered to a borrower when a default on a deed of trust occurs.
Charges to cover the costs of issuing a loan, such as credit checks, appraisal, and title expenses.
Insurance to cover mortgages in case of a default.
Fees paid to induce lenders to make a mortgage loan. Each point equals 1% of the loan principal.
A report showing the status of title to a property. Contains legal, vested owner, liens, and derogatory public record information.
A penalty for prepayment of a mortgage before it actually becomes due.
A commercial interest rate charged by banks on short term loans to their most credit worthy customers.
A periodic payment including the interest charges plus an amount applied to the principal balance.
A periodic payment including principal, interest, insurance premiums and property taxes.
The process of obtaining a new loan which pays off an earlier loan.
A loan in existence long enough to show a pattern of payments. i.e. 12 months.
Property that serves as collateral for debt.
Applicants with minor or major derogatory credit.
An examination to determine the ownership and encumbrances affecting real property.
The person who approves or denies a loan based on the credit worthiness of the applicant.
A mutual effort by a property owner and lender to avoid foreclosure/bankruptcy following a default.
