• Homeowner Assistance Programs

    Home preservation options include a Repayment Plan, a Temporary Payment Reduction, the Home Affordable Unemployment Program, and refinancing your home.

    Repayment Plan

    A temporary hardship can cause homeowners to fall behind on their mortgage payments. If the hardship has been resolved, a repayment plan can help the homeowner repay delinquent payments. This option allows homeowners to spread the delinquent amount over several months so that they can continue making monthly mortgage payments plus a portion of the delinquent amount with no additional late fees.

    Keep in mind that eligibility for a repayment plan is determined on a case-by-case basis and will depend on the specific type of temporary financial hardship the borrower is experiencing.

    Call 1-877-908-HELP (4357) for help.  

    Who is it for? 

    A repayment plan is an alternative that is designed to assist borrowers, who are delinquent on their mortgage as a result of temporary financial hardship, resolve their delinquency and stay in their home. 

    Benefit 

    Allows a borrower time to catch up on late payments without having to come up with a lump sum.

  • Temporary Payment Reduction

    A Temporary Payment Reduction reduces a borrower's mortgage payment temporarily (up to six months) while they are reviewed for a more permanent solution to avoid foreclosure.

    Keep in mind that eligibility for a temporary payment reduction is determined on a case-by-case basis and will depend on the specific type of temporary financial hardship the borrower is experiencing.

    Call 1-877-908-HELP (4357) for help.

    Who is it for?

    A Temporary Payment Reduction is an alternative option designed for homeowners, who are experiencing a financial hardship, to avoid delinquency by reducing the required monthly payment for up to six months while the financial hardship is resolved. If the hardship cannot be resolved before the temporary payment reduction expires, a borrower will be reviewed for eligibility for permanent solution such as a loan modification or short sale during the temporary payment reduction period.

    Benefit

    Provides borrowers with time to resolve their hardship or be considered for a permanent solution if the hardship is not temporary.

  • CIT Unemployment Forbearance Program

    Through this program, unemployed borrowers who meet certain qualifications, can be granted a temporary forbearance period, thereby reducing or suspending their monthly mortgage payments.

    Program Requirements

    A forbearance plan may be offered if the following criteria are met:

    • Borrower's loan is a first lien mortgage secured by a one- to four-unit property. Second Homes are not eligible
    • The unpaid principal balance (UPB) is equal to or less than: 
      $1,000,000.00.
    • The borrower is unemployed at the date of the request for assistance and is able to document that they will receive unemployment benefits or have been receiving unemployment benefits at the start of the forbearance plan.
    • The borrower is at least one (1) month delinquent.

    How do I apply for the CIT Unemployment Forbearance?

    To apply for the CIT Unemployment Forbearance Program, please contact one of our customer contact representatives at 1-800-781-7399.