Helping Families Stay in Their Homes

Get Help With Payment Challenges


If you want to stay in your home

Keeping up with payments can be difficult, especially with circumstances like job loss or overextended credit. By reaching out to us when challenges first arise, you keep more options open. Here are some that may allow you to keep your home.

Please remember

The foreclosure process and the mortgage assistance process may take place at the same time. Be sure to work closely with us — we'll explore all the mortgage assistance options that may help you keep your home.

Loan Modification

If you can’t afford your current mortgage, it may be possible to change certain terms of the loan to make it more affordable. For example, changing the interest rate or the time allowed for repayment may lower your monthly payments to an amount that works for you. Any change to the original terms is a loan modification.


Eligibility

Generally, to be eligible for a loan modification, you must:

  • Be unable to make your existing mortgage payments due to a financial hardship
  • Demonstrate that you can make modified payments, possibly by making trial payments of a similar amount
  • Be willing to provide all required documentation
  • Intend to keep the home

Depending on your situation, other factors may also impact your eligibility, such as:

  • The balance of your loan
  • The lien position of your loan
  • The duration of your financial hardship
  • Whether the property is occupied
  • Guidelines established by the investor who owns your loan

Review

After you send your documents, we’ll review them and let you know if anything is missing. Once we have everything we need, we’ll go through all of your information to see what programs you might qualify for.

We’ll complete this process as quickly as possible, but please understand that it may take up to 30 days from when we receive all the required documents. If a foreclosure sale has already been scheduled, we’ll attempt to postpone it while we review your information.

During the review, we’ll try to determine whether you have enough income to support your current monthly payment amount. We may also verify your lien position and other factors like tax and insurance obligation.

Depending on your financial situation and other factors, we may consider a number of methods for modifying your loan to reduce the payment amount, including:

  • Adding past-due amounts — which may include interest, taxes, insurance, and third-party fees — to the principal balance
  • Reducing the interest rate
  • Extending the time allowed to repay the loan
  • Completing a principal forbearance, by converting part of your principal balance to a single payment — which won’t accrue interest and won’t be included in your monthly payment amount — that will be due and payable when you pay off the loan

Please contact us at lossmitigation@greatsouthernbank.com or 800-725-6648 to start the application process.

If you cannot avoid foreclosure

In some circumstances, preventing foreclosure just isn’t possible. If you find yourself in this situation, we’ll do our best to ease your transition from the property so you can move forward. 


Please remember
If you are facing foreclosure and haven’t talked to us about getting help, please call us right away. You may still have other options. 800-725-6648

Short Sale

With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. And as your mortgage servicer, Great Southern may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.
As the homeowner, you:

  • Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Great Southern
  • Can live in your home until the new owner closes, giving you time to make other living arrangements
  • May be released from your obligation to repay your mortgage balance
 

To get the process started, call to discuss a short sale with a Great Southern representative. Here’s what you can expect:

  • You provide us with your financial information, explain your situation and why you are unable to make your mortgage payments.
  • We review your information and determine if your mortgage qualifies for a short sale.
  • Please keep in mind that the buyer of your home may not be anyone you have a close relationship with, including family or friends.

Please contact us at lossmitigation@greatsouthernbank.com or 800-725-6648


Deed in Lieu of Foreclosure

Moving out, and moving forward
If you are not able to remain in your home and avoid foreclosure, you may be able to transfer ownership voluntarily to Great Southern instead of going through a more difficult foreclosure sale.

With a deed in lieu of foreclosure, you have the option to voluntarily transfer ownership of your home to your mortgage servicer, Great Southern, if you cannot sell your home at fair market value or prefer to have your servicer sell your home.
A deed in lieu of foreclosure may release you from the obligation to repay your primary mortgage and may help you avoid a foreclosure sale, even if the foreclosure process has already started.
Depending on your situation, you may qualify for a deed in lieu of foreclosure.

As the homeowner, you:

  • Avoid foreclosure and the hassle of court proceedings, and can move on more quickly
  • May be released from liability for the remaining balance on your primary mortgage

To get the process started, call to discuss a deed in lieu of foreclosure with a Great Southern representative. Here’s what you can expect:

  • You provide us with your financial information, explain your situation and why you are unable to make your mortgage payments.
  • We review your information and determine if your mortgage qualifies for a deed in lieu of foreclosure.
  • If your mortgage qualifies, you must agree to vacate your property by a certain date and leave your home in “broom clean” condition — emptied of all belongings then swept clean. Plus, you must agree to transfer ownership of your home to your mortgage servicer, Great Southern.
  • A representative of Great Southern will accept your keys once the deed in lieu of foreclosure agreement is signed.