Mortgage Default Work-Out

If you've fallen behind on your mortgage payments, United Guaranty can work with you to help avoid foreclosure.

Here are the steps to take:

1. If you have not already done so, contact your loan servicer to discuss your loan status and determine what steps you should take to address the delinquency.
    
2. If you prefer, you may contact
   United Guaranty (800.334.8966 weekdays from 8:30 a.m. to 5:00 p.m. EST, or via e-mail at workout@ugcorp.com) to talk with a work-out specialist.
   
   We’ll work with you to identify all options available to you to save your home from foreclosure. Some alternatives include the following:

• Loan modification: Changing at least one term of your mortgage – such as the interest rate or number of payments – can make your monthly payment amount more affordable if your income will support the modified payment.
   
• Repayment plan: A repayment plan involves a formal, written agreement in which you pledge to bring your loan up to date within a limited amount of time. This is used by borrowers who have had serious setbacks – such as an illness, injury, or temporary layoff – that will most likely not be repeated.
   
• A forbearance agreement: This alternative involves reducing or suspending payments for a specific period of time. It can help borrowers who have experienced a catastrophe – such as a natural disaster, short-term illness, or short-term unemployment – or if there is a pending sale of the property. The suspended payments are added on to the outstanding loan amount.
   
• Capitalization: Under some circumstances, you may be capable of resuming your regular house payments, but catching up on delinquent payments would be extremely difficult. In such a case, capitalizing the payments is an alternative to foreclosure. Capitalization will result in a slightly higher monthly payment.

Even if these options do not apply to your situation, you may still come out ahead by taking other action:

• Pre-foreclosure sale: This is especially good for homeowners with home equity left in the property after the loan is paid off. After the sale, that amount would go directly to you.

To get started, contact United Guaranty at 800.334.8966 weekdays from 8:30 a.m. to 5:00 p.m. EST, or via e-mail at workout@ugcorp.com, and ask to speak to a work-out specialist in our Claims Department. We guarantee that your call will be confidential.

Remember, you don't have to lose your home because of late payments. United Guaranty is here to help!