Assistance With Payment Hardship
If you are having trouble making your mortgage payment, contact Ameris Bank Mortgage Services to discuss the options that might be available for you. Contact our Mortgage Servicing Specialist via the phone at 1-888-248-5466, option 6, or complete our Loss Mitigation Hardship package and mail it to the address listed.
Retaining the property
- Reinstatement: Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below.
- Repayment Plan: Pay back your past-due payments together with your regular payments over an extended period of time.
- Forbearance Plan: Make reduced mortgage payments or no mortgage payments for a specific period of time.
- Modification: Receive modified mortgage terms to make it more affordable after successfully making payments during a “trial period”. A trial period is typically a three-month period when you pay approximately what your modified payment would be.
- Hardest Hit Funds: Work with your state to enroll in a program where the state helps to reinstate the mortgage and make payments. More information can be found here.
Liquidating the property
- Short Sale: Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth.
- Deed in Lieu: Transfer the ownership of your property to us.
How the Loss Mitigation process works
Once you send in a loss mitigation application, Ameris Bank will review it for completeness within 5 business days. We will notify you, in writing, whether the package is complete, or if we need additional documentation. If additional documentation is required, the notice will list what is needed and the date it must be received by.
Once a complete package is received, Ameris Bank will notify you in writing within 30 days of whether or not you qualify, and what options are available. If we offer any options, it will also provide the timeframe you have to accept and move forward. In certain circumstances, you may be eligible to appeal the decision. The notice will advise whether or not you are eligible for an appeal.
There are a number of factors that must be considered when determining whether or not an option is offered, and what option is offered. This may include how long since the loan closed, the investor or mortgage insurer requirements, property value, and debt-to-income.