SunTrust Mortgage, Inc Loan Modification

SunTrust Mortgage, Inc. is one of the largest and most stable financial providers in the U.S. Based in Atlanta, GA, it specializes in lending to businesses and individuals, although much of its recent activity has been in sub-prime mortgage loans. Last year’s housing bubble also saw the company extending assistance to troubled borrowers in a bid to stop foreclosure and help them get current.

The most popular move is loan modification, which involves a permanent change in the mortgage terms. Mortgage modification reinstates the SunTrust loan to current status and lowers the monthly payments for the life of the loan. If you are already in foreclosure or nearing bankruptcy due to a temporary hardship it is important you contact them asap to begin the Suntrust loan modification process. Examples of valid hardships include medical emergencies, job loss, and death of a family member.

People who don’t meet the requirements for a SunTrust mortgage modification can also look into other loss mitigation measures. SunTrust also offers a Repayment Plan, wherein past-due payments are spread out over a given period (typically 10 months) on top of regular monthly payments. Unlike a loan modification, it doesn’t automatically bring the account current, but offers a more manageable means of doing so.

Working with a loan modification attorney can help increase one’s chances of getting a SunTrust loan modification. Lawyers can deal directly with the bank’s Loss Mitigation office and make more powerful negotiations using current lending laws. If mortgage modification isn’t an option, they can also bring up credit-saving alternatives such as deed-in-lieu or short sale.