If you are struggling to make your payments on your first mortgage or home equity loan or home equity line of credit, we may be able to offer a payment assistance program. Don't struggle through a job loss, illness or unexpected expenses. The most important step is to let us know that you need assistance.
Depending on the current status of your loan, your individual circumstances, and other factors, one or more of the following options may be available. Each of these options has requirements for eligibility.
Home Retention – Forbearance, Re-age/Extension, Modification, Repayment Plan
- Forbearance – Provides a temporary reduction or suspension of payments followed by an arrangement to cure the delinquency.
- Re-age/Extension – Allows borrowers to bring their past due amount current.
- Modification – A change in the loan type, rate or term to make a mortgage loan more affordable and sustainable.
- Repayment Plans – An arrangement to repay past due amounts while still making regular schedule payments.
Home Liquidation – Short Sale, Deed-in-Lieu
- Short Sale – Lender releases the lien against the property in exchange for the proceeds of the sale of the property for less than the amount owed.
- Deed-in-Lieu – The transfer of title and possession of your property to lender to avoid foreclosure.
How you should prepare
The most important step is to call us so that we can discuss your options. See Next Steps below.
Information we will need during our initial discussion with you:
- Type of property/occupancy
- Bankruptcy filing (if any)
- Hardship description and duration
What to expect:
- Once you contact us, you will work with one person dedicated to help you throughout the process. Your Single Point of Contact (SPOC Agent) makes the process more efficient to provide consistent guidance and answers every step of the way.
- You will receive a letter with your SPOC Agent's name and phone number.
- Don't hesitate to call your SPOC Agent with any of your questions or concerns.
As more borrowers seek help with mortgage repayment, mortgage scams and fraudulent "solutions" have increased. No matter how you choose to deal with your situation, please take a few minutes to learn more about these scams. For information on how to identify and avoid mortgage modification and foreclosure rescue scams, please visit the Web site of the Office of the Comptroller of the Currency at www.occ.gov.
- If you make your first mortgage or home equity loan or line of credit payment to First Horizon Bank, please call 877-813-1587. If you are/or will be represented by a third party, please complete First Horizon Bank's Third Party/Agent Authorization Form and forward to us via Fax or US Mail as indicated on the form. Without this completed form, we are unable to review or discuss your account information with any third party.
Housing and Urban Development (HUD) may also offer assistance.
- HUD is a government agency that supports home owners through free or low-cost counseling. To find a counseling location near you, call 800-569-4287.