Loan Modification & Options Available to Avoid Foreclosure
(In accordance with California Civil Code Section 2923.5 (e) (5))
If you cannot afford your monthly mortgage payments and wish to avoid foreclosure, you may be eligible for a loan “workout” or loan modification. We determine eligibility for loan “workouts” 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.” You may also qualify to refinance your current loan with us.
If you are interested in exploring any of the options listed above, you may contact Farmers & Merchants Bank at (888) 804-7118. You will need to provide us with certain financial information, including the following: your most recent pay stub, list of current monthly expenses, your most recent tax return, bank statements, and a current valuation of your property, if available (such as an appraisal).
You may also contact the Department of Housing and Urban Development (HUD) to find a HUD-certified housing counseling agency by calling the toll-free-number (800) 569-4287. Additional information is made available by HUD on its website at http://www.hud.gov