Fifth Third Mortgage

By Mortgage Outreach Staff

Fifth Third Mortgage began in 1863 as the Third National Bank. In 1908 after several acquisitions the Third National Bank merged with the Fifth to become the Fifth Third National Bank of Cincinnati. Today Fifth Third is the 19th largest mortgage servicer in the US with $52 billion in mortgage servicing volume.

The bank backs the Obama Administration’s Make Home Affordable program for loan modification and refinance. To get the process started, you can reach a First Third mortgage expert toll free at 1 (866) 849-0588.

For homeowners able to maintain their mortgage payments, looking to lower their costs Fifth Third suggests Make Home Affordable Program: Refinancing with the following aspects.

Refinance up to 125% loan-to-value ratio
No appraisal required on some single-family homes
No minimum credit score
No employment, income or asset verification required

To qualify for a Make Home Affordable refinance, you must answer yes to the following:

Is your first mortgage currently with Fifth Third?
Is this mortgage on your primary residence?
Are you current on your mortgage payments i.e. not more than 30-days late for the past year?
Is the amount owed on your first mortgage is at or below 125% loan-to-value ratio (LTV)?

If you did not answer affirmatively to everything you still might qualify for a Make Home Affordable Loan Modification if you answer yes to all of the following:

Is your mortgage currently with Fifth Third?
Is this a first mortgage?
Is this mortgage o your principal residence?
This is your first attempt at a loan modification under Make Home Affordable
Your home loan is not a government mortgage through FHA, VA, or USDA.
Is the amount you owe on your first mortgage less than or equal to $729,750 for one unit, $934,200 for two, $1,129,250 for three,or $1,403,400 for four?
Are you having trouble paying your mortgage due to a change in interest rate or a financial hardship?
Did you get your current mortgage before January 1, 2009?

If you still don’t qualify, First Third offers additional mortgage help options:

Repayment Plan - In some situations, the bank can work with you to reach an agreement where you would resume your regular monthly payments in addition to paying a portion of the past due payments until you catch up.
Loan Modification - Fifth Third may be able to modify the terms of your original loan to make the payments more affordable. The bank may be able to reduce your interest rate, extend the term of your loan or add the delinquent interest amount to the unpaid principal.
Partial Claim Advance - If your mortgage is insured, you may qualify for an interest-free loan from your mortgage guarantor to bring your account current.
Short Sale - If the payoff amount of your loan is greater than your home’s value, you may qualify to sell your home for less than what you owe, satisfying your debt.
Assumption - A qualified buyer may be allowed to assume your mortgage, even if your mortgage states that it is non-assumable.
Deed in Lieu of Foreclosure - If you have had your property listed for a period of time with no prospective sales activity, the bank may accept the title to your property as settlement for the debt.