Home Ownership Counseling
Resources to Help Avoid Foreclosure
At American River Bank, we know that some homeowners are unable to make, or are having difficulty making, their mortgage payments, and need information or assistance in avoiding foreclosure on their home.
We want to talk to any homeowner in this situation who has a home loan or home equity loan with American River Bank to see if we can agree on a course that would avoid a foreclosure situation.
Of course, every situation is different, and we cannot guarantee that our efforts will be successful in avoiding foreclosure.
If you are facing this situation, or need information, here are some resources to assist you:
OUR TOLL FREE NUMBER
This phone number is available from 9 AM to 4 PM Monday through Friday, excluding holidays when the bank is closed.
Please ask the person who answers for the Homeowner Assistance Department. You will be transferred or given a contact name and phone number. If that contact person is not available, your call will be returned within 24 hours.
OPTIONS THAT MAY BE AVAILABLE TO BORROWERS WHO ARE UNABLE TO AFFORD THEIR MORTGAGE PAYMENTS AND WHO WISH TO DISCUSS OPTIONS FOR AVOIDING FORECLOSURE
- We may be able to agree on a change in the payment due date.
- We may be able to agree to allow you to resume payments at the current payment amount, without needing to pay delinquent payments until your loan matures or the loan pays off earlier.
- We may be able to agree on a lower interest rate for a period of time, or leave your present rate in place when you are facing a rate change.
- We may be able to agree to delay the start of any foreclosure proceedings, or temporarily suspend any foreclosure proceeding already in process, while you attempt to sell your home, refinance, raise money, or move.
- We may be able to consider a deed in lieu of foreclosure, whereby you offer to transfer ownership of your home to the bank without any foreclosure process. You should know that this course is not often workable, particularly to borrowers with other loans or liens or their home.
- You can contact a consumer credit counseling organization. They may be able to assist you in financial planning and debt repayment options that may help you keep your home.
- You can use the HUD resources web site or call them toll-free at the number listed below. Take advantage of their HUD-certified housing counseling resources.
- To explore these and other possible options, please call the toll free number provided.
CALL HUD’S TOLL FREE TELEPHONE NUMBER TO FIND A HUD-CERTIFIED HOUSING COUNSELING AGENCY, OR VISIT HUD’S WEBSITE AT https://apps.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm
HERE’S A LIST OF FINANCIAL DOCUMENTS BORROWERS SHOULD COLLECT AND BE PREPARED TO DISCUSS OVER THE PHONE OR IN A MEETING WITH THE BANK WHEN DISCUSSING OPTIONS TO AVOID FORECLOSURE
- Pay stubs, W-2’s, tax returns, other proof of income, and other similar information that demonstrates your level of ability to repay your debts, including your mortgage.
- Recent bank statements, brokerage statements, and other information that lists your cash or other liquid assets.
- A list of your outstanding mortgages and other loans on your home and any other property.
- A list of other loans and loan payments, including vehicle loans, credit card loans, and any other loans.
WE ARE NOT A CONSUMER CREDIT COUNSELING SERVICE. WE ARE UNABLE TO ASSIST YOU IN TALKING TO OR NEGOTIATING WITH YOUR OTHER CREDITORS