Loss Mitigation Help Resource

Suntrust Loss Mitigation - All Your Questions Answered

Suntrust is one of the largest financial services provider in the country with an asset bas of $ 174.7 billion (on 8/30/2010). With such a large number of homeowners expressing faith in Suntrust, Suntrust has also extended a helping hand to the homeowners in this time of distress.

Need for Suntrust Loss Mitigation:

In recent times, through no fault of their own, well-intentioned, capable individuals have fallen on tough economic times - causing them to fall behind on their mortgage obligations. These dire circumstances may have been brought on by unplanned medical expenses, corporate restructuring, job loss, or any number of other causes that have been responsible for financial hardships.

Suntrust's Loss Mitigation Help:

Suntrust has come forward to help all these well intetioned individuals by offering them loss mitigation options. The loss mitigation options offered by Suntrust are as follows:
* A revised payment plan
* Deed in Lieu of Foreclosure
* Short Payoff
* Loan Modification

To process or to identify the right loss mitigation option for you the Suntrust Loss Mitigation Department will require:
  1. Completed Financial Form
  2. Copies of two current pay stubs
  3. Copies of two month's bank statements
  4. Copies of two year's Income Tax returnswih all schedules and W-2's
  5. Permission to have title checked, a credit report update and an asset check done, if necessary.
  6. Statement describing your financial situation and the reason why  you are requesting help. ( This is called as Hardship Letter. Know more about Writing a Hardship letter)
  7. Permission to discuss your account with third parties, such as realtors, attorneys, contractors and junior lien holders.
  8. Permission to have independent  price opinions of your home  prepared by licensed realtors in your area.

Suntrust Loss Mitigation Department:

You can call the Suntrust's Loss Mitigation Department at 800.443.1032, option 3 - Ext: 58791
To contact your local loss migation agency:
Call 1.800.569.4287 (HUD's Nationwidetoll free number) or Contact HOPE(Non Profit Organization) at 1.888.995.HOPE

Hiring a Loss Mitigation Professional:

A professional loss mitigation service will make sure that your documents are prepared correctly and that all deadlines are met. The most common reason for modification denial is missing deadlines for submission. The service will also ensure that the lender meets all their deadline requirements so that there is no room for mistakes. It is a winning scenario for both you and the lender. The lender keeps an active loan on their books, something they need to stay profitable, and you keep your home at an affordable payment.

News about Suntrust Bank Mortgage:


Need help with Other bank's Loss Mitigation Department:

2 comments:

Jeff said...

William H. Rogers Jr., President & COO, became the CEO of Suntrust Bank. Lets hope he brings in new life to the system. The mood in stock market was upbeat with Suntrust stock seeing jump of about 1.3%.



Maya said...

You can also send across your application to the Suntrust Loss Mitigation Department through a secure contact form here: https://www.myloancare.com/SunTrust/HomeRetentionRequest.aspx






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