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Having trouble paying for your monthly mortgage?
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If you cannot afford your monthly mortgage payments and wish to avoid foreclosure, you may be eligible for a loan “workout” or modification. We determine eligibility for a loan workout on a case-by-case basis. Among other things, we will consider the value of your property and your ability (based on your current income) to make monthly mortgage payments in accordance with the workout. We have several workout options that may be available to you. These may include a Repayment Plan, Forbearance Agreement, Loan Modification or Loan Assumption. If you are interested in exploring any of the options, you will need to provide us with certain financial information, including the following:
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- A written statement explaining the cause of your financial hardship and request for a loan workout.
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- Copies of your last 3 months pay stubs
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- Copies of your last 6 months of bank statements, all your checking (personal and business), savings, retirement and/or investment accounts.
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- If you are self-employed or own rental property, please provide copies of your most recent filed tax return and signed (for both personal and business). If your taxes have not been filed for the last year, you will need to provide an “audited” profit and loss statement.
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- If you own other properties, you will need to provide a schedule of all your owned real estate including a copy of the current month’s rent roll and operating statements for each property.
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- Complete and return the Financial Information
Statement. We ask that you do not leave any blanks on this form. When a particular item does not pertain to you, please write ’N/A’ in that field.
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If you would like to discuss your options to avoid foreclosure with us, please call the Loan Servicing Department at 1.877.392.6868. You may also contact the Department of Housing and Urban Development (HUD) to find a HUD certified housing counseling agency by calling 1.800.569.4287. Additional information is made available by HUD on its website at http://www.hud.gov.
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Although you requested a loan workout, we must continue with our collection efforts. Once we receive all of the financial information requested, an underwriter will contact you to discuss available options.
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Introducing East West Bank Student's Plus Program. If you are enrolled in an accredited university, city or vocational school, you are qualified to join our Student Plus Program and enjoy many great benefits.
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East West Business Equipment Leasing offers flexible and creative solutions to your company's equipment acquisition strategy. We offer business financing designed specifically for the needs of business customers. We help you get what you need when you need it -- at a cost that is in line with your budget.
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