SunTrust Mortgage
SunTrust Mortgage is the eigth largest servicer in the country, and manages a servicing portfolio of 945,000 loans.
SunTrust Mortgage is a division of SunTrust Banks, Inc., a financial holding company with total assets of $179.1 billion. Through its banking subsidiaries, the company provides deposit, credit, trust, and investment services to a broad range of retail, business, and institutional clients. Other subsidiaries provide mortgage banking, brokerage, investment management, equipment leasing, and capital market services.
What’s Being Done:
SunTrust Mortgage offers the following assistance to qualified borrowers:
- Repayment plans, which distribute your delinquent payments over a period of time, usually no more than 10 months. A portion of the deferred delinquent amount is added to the normal monthly mortgage payment.
- Modifications, which result in a permanent change in one or more of the terms of the mortgage loan, allowing the loan to be reinstated to a “current” status, and resulting in a more affordable monthly mortgage loan payment. Past due interest and escrow are added to the new unpaid principal balance and re-amortized over the remaining life of the loan.
- Partial claims are only for FHA loans. Partial claims are a second mortgage, interest free, that is paid off at the time when the homeowner’s loan is paid off. This option allows up to 12 months of past due accrued mortgage payments to be included in the second mortgage.
- Fannie Mae Home Saver Advance, which is a low interest rate loan provided by the first lien loan servicer to bring current a customer’s delinquent first lien loan. The loan is to be repaid over a 15 year term, with payment and interest accrual deferral during the first 6 months after the advance. This option is available on most Fannie Mae loans.
- Short sales, which allow homeowners who are unable to maintain payments to sell their homes and use the proceeds to pay off the mortgage, even if the home’s market value is less than the total amount owed.
- Deed-in-Lieu of Foreclosure, which allows the homeowner to voluntarily transfer legal ownership of the property to the investor if they are unable to maintain mortgage payments and cannot sell the home at current market value.
Next Steps:
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by SunTrust Mortgage, SunTrust Mortgage recommends contacting the company immediately.
SunTrust Mortgage also recommends requesting payment help by completing a secure, confidential form available online at https://www.myloancare.com/SunTrust/HomeRetentionRequest.aspx.
Since homeowners will need to provide details of their financial status, SunTrust Mortgage recommends having the following documents and information ready:
- Bank statements
- Pay stubs
- First and second mortgage documents
- Car loan statements
- Budget information
Contact Info:
Toll free 1(800) 443-1032, Option 3 Hours: Monday - Friday, 8:00 am - 6:00 pm ET
If you are unable to reach your servicer or local state program, or if you would like additional assistance in this process, contact Mortgage Outreach Services tool free at1 (866) 408-0420. Mortgage Outreach works directly with many servicers to help find solutions for borrowers that are struggling to keep up with their payments.
