Mortgage Resolution Support Team

Online Banking Login




	Personal Online Banking



	Business Online Banking





Sign Up \| Learn More \| View Demo
Forgot Password? \| Security

Your browser does not support inline frames or is currently configured not to display inline frames.

Mortgage Resolution and Solutions

How the First Federal modification program works.
At First Federal, our borrowers come first! For nearly 80 years, First Federal has been working hard to keep families and communities safe from uncertain economic times. From this experience we have developed and implemented some tried and true methods for helping our borrowers. If your home is your primary residence and you are living in it, you may be eligible for assistance.

First Federal Mortgage Resolution and Re-payment Solutions:

Repayment/Forbearance Plan:
How it works: A forbearance or repayment plan, distributes the delinquent payment over a period of time.

Benefits to borrower: For borrowers that are past due, an agreement between the borrower and FF representative is met. By doing this the past due payment(s) are caught up over a set period of time rather than a lump sum. This agreement, if met, can prevent a borrower from possible foreclosure.

Contact Info: Mortgage Resolution Staff; 8-5 PM Mon-Fri; 843-529-5800 (collections Dept)

Interest Only:
How it works: The ability to pay only the interest portion of your conventional mortgage payment for applicable period of time. This applies to the borrower that pays principle and interest.

Benefits to borrower: Interest only payments offer the borrower the opportunity to pay a reduced payment with out going past due.

Contact Info: Loss Mitigation (Matt Davis and Jody Neumann); 8-5 PM; Mon-Fri; 843-529-5853 or 843-529-5761

Loan Modification:
How it works: This process included a thorough evaluation of the borrower’s financial situation. Upon completion of this evaluation, the borrower can be offered deferment or capitalization of past due and future payments. In addition, be eligible for an interest rate reduction.

Benefits to borrower: Borrower can reduce there mortgage payments without increasing the term of the loan.

Contact Info: Loss Mitigation (Matt Davis and Jody Neumann); 8-5 PM; Mon-Fri 843-529-5853 or 843-529-5761

Deferment/ Capitalization:
How it works: In a deferment, payments are taken from the balance and placed at the end of the note, in effect, extending the term. When capitalization is done the borrowers payments are taken from the note and re-amortized thru the remaining term of the note.

Benefits to borrower: By doing this a borrower can take past due payments or future payments, apply them back to the note and get them current or give them time off from payments. (Borrower can do this for a maximum of 3 months or 3 times at one per month)

Contact Info: Loss Mitigation (Matt Davis and Jody Neumann); 8-5 PM; Mon-Fri; 843-529-5853 or 843-529-5761

Short Sale:
How it works: The borrower finds a realtor and expresses an interest in selling there property in a short sale.

Benefits to borrower: In a short sale, a seller facing potential foreclosure comes to an agreement with their lender to accept less than the owed amount of the property, in exchange for avoiding foreclosure.

Contact Info: REO (Donna Lehmer and Susan Hyde); 8-5 PM; Mon-Fri; 843-529-5743 or 843-529-5586

Deed In Lieu of Foreclosure:
How it works: A borrower voluntarily deeds the property to the bank. By contacting and requesting a deed in Lieu, the bank sends out paperwork and decides to accept the proposed deed in Lieu.

Benefits to borrower: A borrower can benefit from a deed in lieu because when a loan goes to foreclosure the bank has to hire an attorney. The fees can be quite expensive; these fees are transferred to the balance of the loan.

Contact Info: REO (Donna Lehmer and Susan Hyde); 8-5 PM; Mon-Fri; 843-529-5743 or 843-529-5586

HAMP Program:
How it works: The HAMP program is a program available to Fannie Mae and Freddie Mac loan. This program applies to Owner Occupied, Primary Residence Loans. Please click here for more details.

Benefits to borrower: Borrower benefit by using this program because it can take delinquent loans, make them current and reduce the interest rate. It can also take the current loan and reduce the interest to something more affordable.

Contact Info: Loss Mitigation (Matt Davis or Jody Neumann); 8-5 PM; Mon-Fri; 843-529-5853 or 843-529-5586


	Contact a Resolution Support Team Member:

	Jody Neumann Loss Mitigation Specialist 843-529-5761 800-768-3248 ext. 5761 843-529-5800 (fax) jneumann@firstfederal.com

	Download & Print a Mortgage Support Application

	Apply to Refinance your Current Mortgage



	Tips to Avoid Foreclosure

	Weathering a Financial Storm

	Credit History 101

	Calculate How Much Interest You Can Save by Refinancing?

	Calculate Monthly Payments for a Fixed-Rate Mortgage vs. Interest-Only.

	Community Resources:

First Federal

This site is best viewed in MS IE 7.0+ | Mozilla Firefox 3.0+ || Best viewed at 1024 x 768 screen resolution or greater. Click Here for more details.

		Search
	Home \| Site Map \| Contact Us \| Locations/ATMs \| Employment \| Investor Relations \| Privacy \|