Loss Mitigation Hub

When you fall behind in your mortgage payments, you stand to lose a lot, including your home and your good credit. To help you minimize (or “mitigate”) your losses and avoid foreclosure, we reach out to you with our “loss mitigation” process. 

As part of our evaluation (also called a "workout"), we’ll explore foreclosure alternatives. We’ll discuss options to help you avoid foreclosure.

To learn more about Loss Mitigation and how it can help you, read our article.

Depending on your unique situation—and with your lender's approval—there are various potential options available to you.

As part of our loss-mitigation evaluation (also called a "workout"), we’ll explore those options. We’ll try to build a plan that enables you to make your payments and avoid foreclosure.

Some of those options may include:

• Repayment. Paying your past-due payments over an extended time period to avoid foreclosure. You can stay in your home.
• Forbearance. We suspend or reduce your regular mortgage payments for a specific period of time. After the forbearance period, the total unpaid amount is due. You can stay in your home.
• Modification. Changing the terms of your loan to make your payments more affordable). You can stay in your home.
• Short sale. Selling your property for less than the remaining balance owed—but the sale satisfies your debt. You find another place to live.
• Deed in lieu of foreclosure. Also called “deed-in-lieu,” or “mortgage release.” Willingly transferring your property deed to the owner of your mortgage. We agree not to foreclose, and we may be able to offer you financial help for relocation. You find another place to live.

To learn more about your loss-mitigation options, Sign in to your online account and click Account Details to access to your dashboard. Then, click on Mortgage Assistance.

Depending on which option we may approve you for, you may need to send us certain documents. As part of your review, we’ll explain how to upload (electronically send) documents to us, as well as how to physically send paper documents if you need to.

Note: In most cases, we report your workout plan to the major consumer credit bureaus—which may affect your credit score.

Here’s a list of the basic documents we need to take you through our loss mitigation process. Note: Depending on your specific situation, we may need other documents as well:

• Complete the Mortgage Assistance Application. Complete your application by signing in to your online account and navigating to Mortgage Assistance in your dashboard.
• IRS Form 4506-C (Request for Copy of Tax Return). Complete and sign. You can use this form from our website.
• Two paystubs. Do you earn a paycheck? If so, provide copies of your two most recent paystubs that show year-to-date earnings.
• Profit/loss statement. Are you self-employed? If so, provide a copy of your most recent quarterly or year-to-date profit/loss statement.
• Bank statements. Send us a copy of your two most recent personal bank statements for all of your bank accounts. Include all pages and a signed and dated letter that explains any non-paycheck deposits or transfers of $1,000 or more in the last six months.
• HOA dues. Provide proof of payment for any homeowner association dues.

Don't wait until you have every document in hand before you start sending items to us—start by sending us what you have. Call our Customer Care Team at 866-317-2347 for instructions about uploading (electronically sending) documents to us.

There is no charge for our loss mitigation services.

To get an update on the status of your workout, you can simply sign in to your online account or give us a call at 866-317-2347. A full list of any documents needed to complete your Loss Mitigation review will also be sent by mail.

Depending on your unique situation, several options to avoid foreclosure may be available:

• Sell your house. You list your home for sale with a real estate agent. If the final sale price doesn’t pay off what you owe on your mortgage, it’s called a “short sale,” and we’ll work with you to resolve the remaining amount you owe. Our team will be happy to work with you and your real estate agent in the event of a short sale.
• Deed-in-lieu of foreclosure (DIL). You willingly transfer the deed of your property back to your lender. In return, they may release you from some or all of your mortgage obligations. In some cases, we may be able to provide financial help for relocation. Our team will be happy to help you set up a DIL.
• Reinstatement. You pay all of your past-due amounts with a single payment to bring your loan current.

Ask one of our Loss Mitigation agents about which options are best for you.

Most mortgage payments are due on the first day of each month (although some have other due dates). After your due date, we give you a 15-day grace period after that before we charge you a late fee. But if your payment arrives in our office after the last day of the month in which it was due, we notify the consumer credit bureaus that you made a late payment as stated in your mortgage contract.

We report late payments to the credit bureaus once a month, with one exception: When a loan transfers to us from another mortgage servicer, we wait until 60 days after the transfer before we begin reporting late payments.

If we reported your payment as late, but you have information (such as a bank statement) that shows we received your payment before the end of the month it was due, please mail us a copy of that information along with a written explanation. When we get your information, we’ll investigate further. You also have the right to ask us to provide documentation that verifies we made no error in servicing your loan. Send your requests and supporting information to:

Newrez
PO Box 10826
Greenville, SC 29603