State Specific Disclosures

If you are facing financial difficulties, whether they are short or long term, contact our Home Retention Team at (800) 236-0125 so we can assess your individual needs and discuss available options that will help you stay in your home and avoid foreclosure.

Repayment Plan

An agreement that allows a borrower to catch up on payments over time by paying the contractual payment and a portion of the past due amount over a specified period.

• Resolve the delinquency
• Catch up on the past due amount over a specified period of time

Forbearance Plan

An agreement that allows a borrower to make lower payments or no payments for a specified period of time.

• Provides time to improve your financial situation and get back on your feet through temporary suspension or reduction in payment
• Less negative impact on credit than foreclosure
• No late fees are assessed during this time

Payment Deferral

An agreement that brings the loan current by moving the past due payments to the end of the loan as a non-interest-bearing-balloon payment. The balloon amount is due at maturity or when the loan is paid off.

• Resolves the delinquency
• Provides a fresh start while resuming regular contractual payments

Loan Modification

An agreement that restructures portions of the original terms of the mortgage to bring the account current. Terms that may change as part of a modification include payment amount, loan term, interest rate and principal balance.

• May reduce your monthly mortgage payments to a more affordable amount
• Lower negative impact to your credit score than a foreclosure

Partial Claim

Note: This option is only available on loans insure by HUD, USDA and VA

A borrower may qualify for a loan in the amount that will bring the account current. The loan is considered a secondary lien that is due when the mortgage is paid off. The borrower is required to sign loan documents as a part of this program.

Call (800) 236-0125 or email us at [email protected] to request a Loss Mitigation Application. Please be prepared to discuss in detail your situation including hardship, monthly income, expenses, and the items listed below with an agent who will assist you in finding the best available option. Office hours are Monday through Friday, 7:00 A.M. to 5:30 P.M. Mountain Time.

• Signed and dated hardship Letter for each borrower, explaining the decrease in income or increase in expenses that has caused you to fall behind.
• Documentation of the hardship. If the hardship is due to an increase in expenses, provide documentation of the expenses. If the hardship is due to a reduction in income, provide documentation of the decrease.
• Financial Worksheet completed and signed.
• One month of most recent paystubs.
• Last two years W2 forms and signed Tax Returns.
• Signed and dated Borrower Consent to the Use of Tax Return Information form.
• Last three bank statements for each of your bank accounts.
• If unemployed, copy of unemployment eligibility or explanation of benefits.
• If self-employed, provide 6-months of your most recent business and personal bank statements.
• Copy of your driver’s license.

Please note, additional information may be required depending on your circumstances.

In addition to contacting PRMI for assistance, you may also call the HUD Financial Counseling agency at 800-569-4287800-569-4287 or locate a HUD Financial Counseling agency near you at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. HUD is prepared to accept calls from persons who experience deafness, hearing impediments or speech and communication disabilities. The Federal Communications Commission (FCC) has information on how to make an accessible phone call. You can visit the Federal Communications Commission website https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.

Deed in Lieu of Foreclosure (DIL) or Mortgage Release

An agreement where the borrower transfers their ownership interest of the property to the mortgage company, in exchange for a release from the lien and mortgage.

• Eliminates the mortgage debt
• Reduces the amount of foreclosure fees and costs owed by the borrower
• May be eligible for relocation assistance funds
• Start repairing credit sooner than going through a foreclosure
• Borrower has more flexibility and control with the move out process

COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 North Lamar, Suite 201, Austin Texas 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILBLE AT (877) 276-5550.

Complaint forms and instructions are available on the Department’s website located at www.sml.texas.gov or can be obtained from the department upon request by mail at the address above, by telephone at its toll-free consumer hotline listed above, or by email at [email protected].

Complaint forms and instructions are available on the Department’s website located at www.sml.texas.gov or can be obtained from the department upon request by mail at the address above, by telephone at its toll-free consumer hotline listed above, or by email at [email protected].