VyStar wants to help our members regain their financial footing. As your 180-day mortgage forbearance period comes to an end, a Mortgage Servicing representative will reach out to you to discuss the options listed below.
This typically occurs 30 days before the end of your forbearance period. However, should you need to contact us sooner, please email the VyStar Hardship department at mortgagehardshipprocessingunit@vystarcu.org.
Depending on your situation, we will work with you to determine the best option to bring your account current. Those options could include:
- Full repayment: Homeowners have the option to immediately reinstate their loan, which means they can catch up on all missed payments and past-due escrows in a single payment, if it’s a viable option. If a homeowner chooses to reinstate their loan, they can continue to pay their mortgage under the original terms that were agreed upon before they received forbearance.
- Short-term repayment plans: Homeowners can gradually catch up on the past-due amount over an agreed-upon time frame (maximum of 12 months). A portion of the past-due amounts must be paid in addition to their current monthly mortgage payments. After completing their repayment plan, they can continue paying their mortgage under the original terms that were agreed upon before they received forbearance.
- Loan modification: The original terms of the loan are changed in order to address the homeowner’s ongoing hardship and make their monthly payments more manageable.
- Modifications could include:
- Extension of the loan term.
- A higher loan balance, if past due amounts and fees and costs are added to the unpaid principal balance.
- Re-amortization with principle, interest and escrows, if applicable, added to the loan balance.