Homeowner’s Assistance

If you are having difficulties in making your monthly payment or have fallen behind, Nicolas Mortgage has experienced servicing specialists to assist you. Nicolas Mortgage will assign you a single point of contact that will guide you through your options and help you during a difficult period.

As all state and federal agencies recommend, the most important thing you can do if you are having trouble making the payments is to call your mortgage loan servicer. We are here to help you determine the best option available based on your present situation. If you are not able to make the payment, please contact us at 1 (408) 957-0557. We have a number of options that may be beneficial to you.

If you would like to remain in your home, the following options may be able to assist you in doing so while avoiding foreclosure:
Modification

A permanent change to your existing mortgage note. This may include the capitalization of the delinquent balance of the loan if applicable, a reduction of your current interest rate, or an extension of the term of your present note.

Forbearance

A temporary reduction or suspension of your monthly mortgage obligation. This is designed to help borrowers whose hardship is temporary, such as short term disability or unemployment.

Repayment Plan

A scheduled payment arrangement that results in bringing your loan current at its conclusion.

To expedite your review please begin to gather the following documents we will need to determine whether you are eligible for any of the options listed above:
  • Most recent year’s Tax Returns
  • Paystubs for last 60 days
  • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
  • Last 3 months bank statements (All pages)
  • Other documentation showing hardship
If you can no longer afford to stay in your home or have vacated your property, the following options may help you avoid foreclosure:
Short Sale

The sale of your current property for an amount less than what is currently owed on the property.

Deed in Lieu

An agreement to deed the property back to the Lender in an effort to avoid foreclosure in exchange for the discharge of the debt.

To expedite your review please begin to gather the following documents we will need to determine whether you are eligible for any of the options listed above:
  • Most recent 2 Years tax returns
  • Paystubs for last 60 days
  • Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
  • Last 3 months bank statements (All pages)
  • Other documentation showing hardship
  • If your property is currently listed with a real estate agent, we require a third party authorization form containing the agents name and contact information.
In order to complete a Short Sale please be aware of the following requirements:
  • You must cooperate and allow us access to the interior of your property to enable us to determine an appraised value.
  • The sale must be an “Arm’s Length Transaction” which means that all parties involved must be unrelated or unaffiliated.
  • If there is a deficiency, or shortage between how much you still owe and the final proceeds received from the sale of your property, you may be required to make a contribution toward any such deficiency. The contribution could be in cash or a promissory note.
  • If the property is sold as a Short Sale you will not be permitted to receive any proceeds from the sale of the property, or to receive funds that may be paid in relation to a hazard/flood insurance claim.

To discuss any of the above options, or to request a Borrower Response Package which must be completed and returned to us along with the aforementioned documents, please contact us at 1 (408) 957-0557. In addition you may call the Housing and Urban Development office at 1 (202) 708-1112 or you may use the following link to find a HUD certified counseling agency: http://www.hud.gov/offices/hsg/sfh/hcc/fc

To determine eligibility and obtain information on the Home Affordable Modification Program, visit: www.MakingHomeAffordable.gov or contact a Nicolas Mortgage and Financial Services, Inc. Loan Counselor for assistance at 1 (408) 957-0557.