Mortgage hardship assistance options
Repayment plan: The borrower agrees to repay the past due amount and current payments together over an extended timeframe, and catch up on the loan.
Recapitalization plan: The past due balance (principal and interest) is added to the current balance. This total amount is re-amortized and split into payments over the remaining original loan term.
Loan modification: Any loan changes that make the loan more affordable, such as a lower interest rate or longer term date.
Short sale: Sell your home, when you owe more than its value, to pay off a portion of your mortgage balance.
Deed in lieu of foreclosure: The transfer of ownership to Patelco. This eliminates the debt and avoids foreclosure.
Fannie Mae customers: Your loan may have additional assistance options.