NMLS ID# 3761

Mortgage Solutions

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.

Past Due FAQ

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:

Repayment Plan or Special Forbearance

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.

Mortgage Insurance Claim

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.

Short Sale or Pre-Foreclosure Sale

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.

Deed-In-Lieu of Foreclosure

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.

Help for Past-Due Borrowers

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.

Glossary of Terms

Adjustable Rate Mortgage (ARM)

A loan that has periodic rate adjustments at specific intervals. (ie. 3mo. 6mo. 12mo. 3yrs)

Balloon Payment

A final lump sum installment due on a note or mortgage that pays the loan off in full at maturity.

Combined loan to value ratio (CLTV)

Percentage of the principal balance of all loans secured by the property divided by the value of the property.

Conventional Loan

A loan with a fixed rate, fixed term.

Debt Ratio

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.

Federal Deposit Insurance Corporation (FDIC)

Insures up to $250,000 for each depositor in most commercial banks.

Fair Issacs Company (FICO Score)

A credit risk score that measures from 300 to 800.

First Mortgage (First)

A mortgage with priority over all other mortgages.

Fixed Rate Loan

A loan with a fixed rate over the term of the loan.


A legal proceeding to take possession of collateral securing a defaulted loan.

Jumbo Loan (Jumbo)

Loans of over $417,000 or more in most states.

Junior Mortgage

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.

Loan Application (App)

Form used to qualify a borrower for a loan.

Loan To Value Ratio (LTV)

The loan amount compared to the property value.

Mechanics Lien

A lien placed on property by contractors that provide home improvement work or construction.

Mortgage Lien

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.

Multi-family Housing

A residential structure with more than one dwelling in the same building, such as a condo or duplex.

Non-conforming Loan

A residential mortgage loan exceeding the loan specifications set by FNMA and FHLMC.

Notice Of Default (NOD)

A document that is delivered to a borrower when a default on a deed of trust occurs.

Origination Fees

Charges to cover the costs of issuing a loan, such as credit checks, appraisal, and title expenses.

Private Mortgage Insurance (PMI)

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.

Preliminary Title Report (Prelim)

A report showing the status of title to a property. Contains legal, vested owner, liens, and derogatory public record information.

Prepayment Penalty (Prepay)

A penalty for prepayment of a mortgage before it actually becomes due.

Prime Rate

A commercial interest rate charged by banks on short term loans to their most credit worthy customers.

Principal and Interest (P&I)

A periodic payment including the interest charges plus an amount applied to the principal balance.

Principal, Interest, Taxes and Insurance Payment (PITI)

A periodic payment including principal, interest, insurance premiums and property taxes.

Refinance (REFI)

The process of obtaining a new loan which pays off an earlier loan.

Seasoned Loan

A loan in existence long enough to show a pattern of payments. i.e. 12 months.


Property that serves as collateral for debt.

Sub-Prime (B&C)

Applicants with minor or major derogatory credit.

Title Search

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.

Contact us

Whether you have a question regarding your statement or need to speak to an advisor regarding a situation causing you to be late on your next mortgage bill, our highly trained advisors are here to help. Simply call us or fill out the form below and we will call or email you a response immediately.