Financial trouble? We are here to help.
Do not pay for Loss Mitigation Assistance or Foreclosure Prevention programs or counseling. Paying for an outside service does not speed up the process, provide additional options, or improve your potential for assistance.
If your delinquency is related to a FEMA Declared Disaster, we have disaster specific loss mitigation options available.
Impacts of Loss Mitigation
Late fees will not assess while participating in a Loss Mitigation option.
Credit Bureau reporting will continue to report your actual loan due date. Credit reporting is reported as accurate payments received and due. Once your loan is brought current through successful completion of a loss mitigation plan, your loan will report as current. VMLS does not offer courtesy corrections to negative credit reporting for delinquent payments. VMLS does offer credit protection during a FEMA declared disaster event.
Loan modifications generally reduce your equity and increase the amount of interest you will pay during the life of your mortgage. When you modify your mortgage back to a 30-year term or extend to a 40-year term, you are restarting the interest payments. At the beginning of a loan, or modified loan, most of your payment goes towards interest and not towards your principal. An option to help get back on track with building equity after a modification is to pay extra towards principal when you can.
Partial Claims are additional liens against your property. If you already have a THDA Down Payment Assistance loan, a Partial Claim will be a 3rd lien, or more if additional Partial Claims are used during the life of your FHA mortgage. Additional liens can make accessing your home equity impossible. While THDA does not offer Home Equity loans, other lenders may not allow a Home Equity loan if you already have multiple liens on your property.
Counselors
THDA offers certified HUD mortgage counselors near you to help work through your financial trouble. The counselors are available to meet face to face or by phone. They can assist with filling out the loss mitigation package, help figuring out a budget that works for you, or provide additional resources in your area for more assistance options.
To speak to a THDA HUD mortgage counselor today, call 888-483-8432 (888-HUD-THDA), or email: Counselors@thda.org
For a full list of HUD mortgage counselors in the state of Tennessee, click here to be redirected to HUD’s website. Do not pay for Loss Mitigation Assistance services. If you are working with a non-THDA counselor, you can submit a 3rd Party Authorization to allow us to work directly with your counselor.
FHA PC Payoff
In February 2022, FHA launched a new portal for borrowers with FHA Partial Claims. The SMART Integrated Portal allows borrowers with FHA Partial Claims to have access to view their loan and request a payoff.
New users are required to create an account by following the instructions on the SIP Support Center web page. To complete the account registration process, new users must complete the Multi-Factor Authentication (MFA) process that verifies their account by sending a 6-digit code via text or email.
If assistance is required after an account is created, users may view training videos and user guides after logging on to SIP. Users that are unable to create an account should contact Tech Support using the online chat on the right side of the SIP Support Center web page, which is available Monday through Friday from 8:00 AM to 5:00 PM Central Time.
Homeowners with Limited English Proficiency
VMLS offers Spanish speaking team members. Homeowners fluent in languages other than Spanish will be assisted through translation services. For those who have a preference outside of English or Spanish, we happily offer verbal translations in more than 200 languages and regional dialects.
- When you call our toll-free Call Center, you will be connected to the first available agent. Request to speak with a Spanish speaking agent, and if a Spanish speaking agent is available, you will be transferred. If a Spanish speaking agent is not available, the agent will connect with the language line to continue to assist you.
- If you’ve designated a Spanish language preference, you will be assigned to a Spanish speaking agent for outbound calling and return calling.
- If you prefer a language other than English or Spanish, just let us know and we’ll update your account and assist you through our trusted translation partners.
Help is also available in other languages at www.cfpb.gov/housing and through the Federal Housing Finance Agency’s (FHFA) Interpretive Services website here.