Facing Financial Hardships
At First Commercial Bank, we understand that unexpected financial hardships can strain even the most carefully managed household budget to the breaking point. If you have recently experienced a financial hardship and can't make your mortgage payment, First Commercial Bank has several financial hardship workout options available that may help you.
A FINANCIAL HARDSHIP COULD INCLUDE:
- Job loss or out-of-state transfer
- Reduction in hours or rate of pay
- Illness or disability affecting you or someone in your immediate family
- Divorce or other marital difficulties
- Being called to active duty as a member of a military reserve unit
To begin a financial hardship workout, print and complete the Loss Mitigation Application.
Then choose one of the following options:
Option 1) Upload the application and supporting documents through MyLoans
Option 2) Fax the application and supporting documents to: +1(601) 282-9653
Option 3) Mail the application and supporting documents to:
First Commercial Bank
Loss Mitigation Department
W-110-2
5151 Corporate Drive
Troy, MI 48098
Common financial hardship options:
How it works: Temporarily suspends all or a portion of your monthly payment, followed by a formal plan using another option listed here to return your account to a current status.
Best used when: Your hardship is expected to be short term in nature, or you know that you will be able to pay a particular amount on a specific future date and continue with your payments from that point forward.
How it works: Adds a portion of past due amounts to your regular monthly payment until your account is current.
Best used when: Your hardship is expected to be short term in nature, and may even be over, and you have the ability to make an increased payment for a short period of time.
How it works: Allows you to sell your home for its current value, even if it is worth less than what you owe.
Best used when: You cannot make any payment but want to avoid foreclosure.
How it works: Makes your payment more affordable by permanently changing one or more of the terms of your original note and mortgage. Delinquent amounts can sometimes be added back into the loan balance.
Best used when: You can afford a reasonable payment that is less than your current payment and/or you don't have enough cash to bring your loan current.
How it works: Transfers title to the property back to us to satisfy the amount you owe.
Best used when: You cannot make any payment but want to avoid foreclosure and you have had your home listed for sale for at least 90 days. This option is reserved for the most extreme situations and is subject to investor approval.
Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.
All borrowers are subject to qualification, underwriting approval, lender terms and conditions. Terms, conditions, and rates are subject to change without notice.