Hardship Assistance
Get Help During Financial Difficulties
Arvest Bank - Mortgage Division is proud to offer assistance to homeowners who are experiencing a financial hardship. As your home mortgage servicer, we want to help you retain your home or help to ease your transition to a new home.
If you are experiencing a hardship, the time to act is now. Please review the overview of different hardship assistance options available below:
Types of Programs Offered Short-Term Hardship
| Program Type | Current Financial Hardship | Benefits |
|---|---|---|
| Forbearance | Short-Term Hardship. You have limited or no amount of income. | Allows you to temporarily reduce your monthly payment to allow you to recover from your hardship. Can lead to other workouts once the forbearance period is over. |
| Repayment Plan | Short-Term Hardship. You have the financial ability to make more than the regular monthly payment but have fallen behind on your mortgage. | Allows you to bring your account current by paying your monthly payment plus an additional amount each month. |
Types of Programs Offered Long-Term or Permanent Hardship
| Program Type | Current Financial Hardship | Benefits |
|---|---|---|
| Modification | Permanent/Long-term Hardship and want to keep the property. | Allows you to reduce your monthly mortgage payment. If approved by investor and/or insurer the delinquent interest, escrow shortage, and other fees will be capitalized. An escrow account will be set up for taxes and insurance. |
| Presale/Short Sale | Permanent/Long-term Hardship and want to leave the property. You do not have the ability to make the current mortgage payment and/or are unable to qualify for a modification. | Allows you to sell your property for less than what is owed to satisfy your debt if approved by the investor. Beneficial if your property value has decreased. Must have a licensed realtor and be an "arms-length transaction." |
| Deed in Lieu | Permanent/Long-term Hardship and want to leave the property. | Allows you to ask your investor/insurer to accept the deed for your property in lieu of foreclosure. Beneficial if you have been unsuccessful in your efforts to sell your home. |
Service Members Civil Relief Act (SCRA) and Permanent Change of Station orders (PCS) are also eligible hardships for the aforementioned plans. Please contact Arvest Bank - Mortgage Division with any questions regarding these services and how they apply to you.
What Documents Do I Have to Submit?
- Income Verification
- 30 days of recent pay stubs, including Year-To-Date totals
- Government benefits letters, including SSI, VA Benefit, Disability letters
- Statements for Annuity Payments or retirement income
- Two (2) consecutive months’ worth of bank statements, required on benefits letters and statements for annuities and retirement income
- Rental income verification including Lease agreements and proof of payment for two consecutive months
- Most recent tax return
- Hardship Verification
- Documentation will vary with Investor, but will be listed on Borrower’s solicitation packet provided by Arvest Bank - Mortgage Division
- Commonly requires written hardship letter
- Contact Arvest Bank - Mortgage Division for more information
- Documentation will vary with Investor, but will be listed on Borrower’s solicitation packet provided by Arvest Bank - Mortgage Division
Helpful Links for Additional Foreclosure Prevention Information
- Fannie Mae
- Freddie Mac
- Learn More about HUD foreclosure prevention counseling options, find a HUD-approved Counselor in your area or contact a HUD Certified Housing Counselor toll free at (800) 569-4287
Coronavirus Mortgage Relief Information
- Arvest Bank wants to ensure our customers fully understand the relief options available to them due to the effects of COVID-19, and how each option works. Learn More
- Read the Consumer Financial Protection Bureau's guide to Coronavirus Mortgage Relief Options and Tools to Help Pay Your Bills
- CARES Act Mortgage Forbearance: If you can’t make your mortgage payments because of the coronavirus, start by understanding your options and reaching out for help. Learn More
- The Consumer Financial Protection Bureau has compiled additional useful information for homeowners and renters. Learn More
- Review forbearance repayment options before your forbearance period ends. Learn More
- The Homeowner Assistance Fund (HAF) helps households with housing-related expenses due to the impacts of COVID-19.
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