Mortgage Payment Issues
Concerned about foreclosure? We may be able to help.
First Republic Bank is providing the following information as a legal requirement in accordance with Section 2923.5 (g) of the California Civil Code. If you're having difficulty keeping your First Republic mortgage current, please contact us. The sooner you let us know, the sooner we may be able to help.
We may be able to restructure your current loan with First Republic. Qualifying for this option will depend on various factors. Do you have additional assets which can be pledged as collateral for the loan? Can a new third person co-sign or guarantee your current loan, or can you make a substantial paydown on the loan?
In order for us to consider this option, we will also need to meet with you personally and review relevant financial documents, such as your current financial statement, Federal tax returns and verification of income. This is a partial list as each situation will differ.
After that meeting and review, we can let you know if you qualify for a restructured loan and will outline the terms.
You may be able to obtain a loan from another financial institution to refinance or pay off your current loan from First Republic Bank. We recommend that you speak with a loan broker or the financial institution of your choice to find out whether or not you might qualify for this option.
If you would like to discuss your situation and your options with an official of Housing and Urban Development, the U.S. government agency, please contact HUD at the following toll-free telephone number: (800) 569-4287 or TDD (800) 877-8339.
You may contact an independent consultant who can analyze your situation and provide you with advice on how to proceed. If you are unable to pay for a consultant, there are several local agencies which can provide advice on a pro-bono basis at little or no cost to you. These agencies can be found in your local telephone book or, to locate the nearest counseling agency in your area, you can contact HUD at (800) 569-4287.
You may surrender your home to the Bank in exchange for the Bank's cancellation of your outstanding loan. This may or may not have tax implications for you. We recommend that you speak to your tax preparer or advisor on this issue.
If you are having difficulty, we hope you will avail yourself of the information provided here. If you choose to do nothing, you're putting your home at risk and the Bank can move to foreclose on the residence. We hope you will seek one of the options above before that happens.
If you would like to discuss a possible restructure of your current loan with us or any other options outlined above, please contact us toll-free at (800) 392-1400 and ask for our Portfolio Quality Department.