You do have options - depending on your situation, we can help. Here's a summary of several options. We will work directly with you to see which one will make the most sense in your specific situation.
Refinance - this option allows you to refinance your current loan with Marquette Bank. This is based on loan to value, credit score and income verification and restructures the loan to make it more manageable.
Loan Modification - includes a wide variety of hardship situations such as employment layoffs / losses, or short-term income reductions, and permanent hardships like death, disability, divorce, or even severe medical situations. This option may provide the ability to modify or change the term, the interest rate, and in some cases, even the principal balance of your loan, thereby making the monthly payment amount affordable.
Partial Claims (FHA Loans Only) - Marquette Bank may be able to assist the homeowner in obtaining a one-time payment from the FHA Insurance fund to bring the mortgage current.
Deed-in-lieu of Foreclosure - this option is basically a transfer of property to Marquette Bank for possible forgiveness of the entire debt. The Bank on a case by case basis may waive any amount still owed if the property is subsequently sold for a loss. This can provide the homeowner with the ability to avoid having a completed foreclosure shown on their credit history. A deed in lieu may however be noted on your credit bureau report.
Pre-Foreclosure Sale - for the homeowner who believes that they will continue to have problems paying their mortgage, and selling their property now might be their best choice. Marquette Bank may work with the homeowner on accepting less than the amount owed depending on the situation.
Repayment Plan - designed for individuals who have experienced a temporary reduction in income or financial hardship, but are getting their finances back on track. This option allows the homeowner to pay off the delinquency over a period of time by making their monthly payment plus a portion of the delinquent amount every month. Marquette Bank may offer a repayment plan on a case by case basis.
Short Refinance - where other residential lenders may be able to help the homeowner obtain a third-party loan to payoff the mortgage loan with Marquette for less than the full amount owed and thereby give the homeowner a fresh start.
Not sure of which option is best for your situation? We can help. Get Started.