Foreclosure and Alternatives

We're here to help with payment challenges. If you find that you are facing a temporary or long-term financial hardship, we will do everything possible to work with you to come up with the right solution for you.

Contact our Loan Servicing Department at 1.844.568.4718, Monday through Friday from 8:00 a.m. to 5:00 p.m. MT to discuss assistance programs with one of our trained Specialists or by email at: loanservicing@academymortgage.com.

Our Specialists will help you throughout the process and provide you with a Resolution Options packet. This packet will review all resolution options and provide a list of documents needed to proceed with a resolution. The packet will need to be filled out in its entirety and returned to Academy's Loan Servicing Department. This packet can be sent by email if requested.

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I want to stay in my home

If you would like to stay in your home, Academy has a variety of programs that can assist you in preserving homeownership and make your payments more affordable.

Forbearance / Repayment Plan	A written agreement between the Loan Servicing and you where full monthly payments are paid as well as an additional amount over a calculated period of time to fulfill any past due amounts.
Modification	Modifications are a change in loan terms. A modification is designed to reduce your monthly payment to an affordable amount, if possible. Modifications come in different forms; some extend the number of years to repay the loan, reduce the interest rate, or even reduce the unpaid principal balance to assist in making monthly payments more manageable.
Streamlined Modification	A simplified loan modification program designed to help troubled customers avoid foreclosure and stay in their homes. The initiative provides an efficient, no-document way for certain delinquent customers to obtain a permanent loan modification.
Payment Deferral	A payment arrangement with the servicer in which you are allowed to defer or postpone monthly payment(s) for a specified period of time. The deferred pyaments are added to the end of the loan and are included in any payoff.  *This option allows the borrower to remain current in the event of a natural disaster.

Steps and Required Documents

Home Retention Process

Step 1: Know what documents to submit the first time, to save time.

To be considered for a home retention program that fits your situation, the right documents make all the difference. We need a complete application to determine your eligibility. It is important that you submit the documents to us as soon as possible.

What Documents Do You Need To Submit?

The following documents will be used to determine the right resolution for you:

• Proof of Income - View the required documents based on your type of income
  • The proof of income is dependent upon the type of income to be considered.
• Know Your Options (Financial Website)
  • You can visit the site here.
  • Providing a copy of the most recent tax return along with your application may decrease the time necessary to complete an evaluation of your application.
• Completed and Signed 4506-T form
  • The “IRS 4506T-EZ” (Request for Transcript of Tax Return form), is used to request a copy of your tax return from the IRS. This form must be completed and signed by the each borrower and sent to Academy.
  • Forms and information on how to fill them out are available through the IRS website (www.irs.gov)/
  • There is no fee for obtaining a transcript of tax return.
  • If you are exempt from filing, we’ll still need a completed and signed IRS 4506-T form with “Box #7.” checked.
• Non-Borrower Credit Check Authorization Form
  • If you would like Academy to use income from a non-borrower residing in the property when determining what options are available, please have that individual complete and return a Non-Borrower Credit Check Authorization Form.
  • If you do not want to consider a non-borrower’s income, this form is not required.

All forms must be completed and signed by ALL borrowers listed the loan. Also, please be sure to add your loan number to ALL documents submitted.

How do I Submit Documents?

For your convenience, we provide multiple options for you to submit documents. You may use any one of the following methods:

• E-mail your documents to:
  LoanServicing@academymortgage.com
• Fax your documents to:
  (801) 303-8672
• Mail your documents, including overnight mail, to:
  Academy Mortgage
  Attn: Loan Servicing
  339 West 13490 South
  Draper, UT 84020
• Or stop by our main office at 339 West 13490 South, Draper UT, and we’d be happy to take them and answer any questions you may have.

 

Scheduled Foreclosure Sale

In the event a foreclosure sale is scheduled for your property within the next 30 days, we need the required documents sent to us using overnight mail. If you are unsure if there is a foreclosure sale date scheduled, please contact Academy’s Loan Servicing team at (844) 568-4718, Monday through Friday from 8:00am - 5:00pm MST.

Step 2: Speak to Academy’s Loan Servicing Team

Our Loan Servicing Specialists will be able to answer your questions about home retention options and the required documents needed. Once you have entered into the resolution review process, a Single Point of Contact (SPOC) specialist will be assigned to you. Your SPOC Specialist will assist you along the way, through the entire process. Please contact Academy’s Loan Servicing team at (844) 568-4718, Monday through Friday from 8:00am - 5:00pm MST.

Step 3: Eligibility Determination

Once we have received a complete application, we will review your account to determine eligibility for all available home retention options. Once a decision has been reached, Academy will send you a letter explaining the decision and the options that are available to you. Please allow up to 30 days to complete this process.

Step 4: Complete the Process

Your determination letter will provide the final steps to complete the process. Based on the resolution offered, these steps may be different and will be noted in the letter.

Trial Modification – a packet which is required for all modifications that includes the proposed modification payment along with the terms of the trial modification and the instructions for submitting your trial modification payments.

Modification - once the trial modification is successfully complete, your loan will be reviewed for a final modification. At this time, Academy will mail the final modification documents which will require your signature. Once we receive your signed modification agreement, we will permanently change the terms of your loan.

Repayment plan - terms of the plan, including the length, payment dates and the payment amount along with the steps you need to take to enter into the plan, which will include signing and returning documents or making the first payment.

Payment Deferral – terms of the deferral, including the extension of the payment(s) due past the maturity date will be noted for review and each borrower’s signature.

 

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I would consider leaving my home

When the expense of homeownership becomes too great, Academy has programs that can assist you in providing transition assistance.

Short Sale	A collateralization option in which the investory, servicer, or lender agrees to allow the sale of the property at a price lower than the balance due on the account. A short sale is a potential solution when the property has decreased in value to an amount less than the Unpaid Principal Balanace (UPB) of the loan.
Mortgage Release	A solution that allows you to transfer title of the property to the lender via quit claim deed.

Steps and Required Documents

The Short Sale Process

Step 1: Find a Realtor That’s Right for You

The short sale process can be difficult and having the right Real Estate Agent (Realtor) will make the process easier on you… and it’s free. If you do not already have a Realtor, you can contact Academy Mortgage (Academy) at 844-568-4718 and we can provide information on Realtors in your area.

Once you have partnered with a Realtor, please submit the following information so that we may speak with them:

• Realtor Contract
• Authorization letter that includes the following:
  • Your Name
  • Loan Number
  • Your Signature
  • The name of the Realtor
  • Duration of the authorization
     

Also, please be sure to add your loan number to ALL documents submitted.

Once you have entered into an agreement to work with a Realtor to sell your home, a Single Point of Contact (SPOC) specialist will be assigned to you. Your SPOC Specialist will assist you along the way, through the entire process.

Step 2: Understand Your Property’s Market Value

Listing the property for the correct amount will require you and your Realtor to determine its value. Using the property’s fair market value is required. Your Realtor will work to find the correct listing price that will be used.

Step 3: Listing Your Property

After the fair market value is determined, your Realtor will list your property on the Multiple Listing Service (MLS) for that price. This is a service used by Realtors that allows each of them to see one another's listings of properties for sale.

Step 4: Finding a Buyer

Once you receive an offer to purchase your home, your Realtor will need to send the offer to Academy for review. We will need to preform and interior evaluation of your property to determine if the offer is acceptable. Your SPOC Specialist will work with you and your Realtor in scheduling an inspector to complete the valuation.

Step 5: Don’t Forget About the Other Guys

If you have other liens on your property, this is a good time to call and let them know of the pending sale and negotiate a payoff with them. Getting your other lien holder’s approval is a critical step in completing the sale.

Step 6: Offer Submission Review

We will review your buyer’s offer, including any additional lien holder approvals (if applicable), and provide a decision within 30 days. If the offer is not accepted, Academy may make a counteroffer for the amount submitted and/or the terms submitted.

We’ll need the following documents to complete our review:

• Purchase contract including all addendum items with signatures
• Approval letter(s) from any subordinate lien(s)
• Your buyer’s pre-approval letter or proof of funding
• The HUD-1 Settlement Statement including all sale transactions (closing costs, commissions, taxes and amounts paid to all lien holders)
   

Also, please be sure to add your loan number to ALL documents sent to Academy. By doing so, you’ll help us process your file faster.

Step 7: Determination (Approval or Denial)

Once your short sale offer is approved, Academy we will send a letter with the approval, terms and conditions. Please note that a short sale will be reported on your credit and may have a negative effect on your credit score.

The Mortgage Release Process

Step 1: Speak to Academy’s Loan Servicing Team

Our Loan Servicing Specialists are here to help and will be able to answer your questions about the Mortgage Release process along with the required documents needed.

We will request the following documents:

• Documentation of your hardship / financial condition
• Know Your Options (Financial Website)
  • You can visit the site here.
     

Also, please be sure to add your loan number to ALL documents submitted.

We will need to access your property to determine the condition. Your SPOC Specialist will work with you in scheduling an inspection. In some cases, you may be required to list your home for a short sale for a specified period of time before proceeding with the Mortgage Release. Your SPOC Specialist has all the information you need to help you navigate this process.

Once you have entered into the resolution review process, a Single Point of Contact (SPOC) Specialist will be assigned to you. This Specialist assigned to you will assist you along the way, through the entire process. Please contact Academy’s Loan Servicing team at (844) 568-4718, Monday through Friday from 8:00am - 5:00pm MST.

Step 2: Information Review

We will review your information and determine if your mortgage qualifies for a Mortgage Release. This is based on procedures and/or investor guidelines and may take up to 30 days. We review required terms and may request approval from your loan’s investor / mortgage insurance company.

Providing clear title to the property is important. If you have a second lien on your property or a home equity loan lien, they will be need to be satisfied or released prior to Mortgage Release approval. Your SPOC Specialist can help walk you through the steps to address this if necessary.

Step 3: Completing the Process

Once approved, a closing will be scheduled for the signing of the Mortgage Release transfer documents. The documents state that you agree to transfer ownership of your home to the mortgage investor or servicer.

Academy will process the resolution and send notification to the County the property is located. The County will record the change of ownership and provide documents to Academy with a recording date. This process may take up to 90 days (depending on the County).

Our Loan Servicing Specialists or your SPOC will be able to answer any questions about short sales and Mortgage Release options and the required documents needed for each. Please contact Academy’s Loan Servicing team at (844) 568-4718, Monday through Friday from 8:00am - 5:00pm MST.

You may also E-mail, Fax or Mail your questions or documentation to:

• E-mail your documents to:
  LoanServicing@academymortgage.com
• Fax your documents to:
  (801) 303-8672
• Mail your documents, including overnight mail, to:
  Academy Mortgage
  Attn: Loan Servicing
  339 West 13490 South
  Draper, UT 84020
• Or stop by our main office at 339 West 13490 South, Draper UT, and we’d be happy to take them and answer any questions you may have

 

1. Will it cost money to get help?

There should never be a fee from your lender or qualified counselor to obtain assistance or information about foreclosure prevention options. However, foreclosure prevention has become a target for scam artists. Be aware of companies or individuals offering to help you for a fee, and never send a mortgage payment to any company other than the one listed on your monthly mortgage statement or one designated to receive your payments under a state assistance program.

2. What is foreclosure?

Foreclosure is a legal process in which a lender sells your property to recover its losses, including the unpaid balance of the loan, unpaid late fees, costs associated with collecting the debt and legal fees associated with foreclosing on the property. Foreclosure primarily occurs when the homeowner fails to make loan payments or otherwise violating the terms of the loan documents. The foreclosure process begins within three to six months after the first payment is missed.

The lender may sell the property at a public auction to recover its losses. In some cases, the lender will take ownership of the property if another buyer does not bid above a certain amount.

3. Will the foreclosure process begin if I do not respond to my lender's notices regarding missed payments?

If you do not respond to your lender's notices regarding past due payments, your lender may refer your loan to foreclosure in accordance with your mortgage loan documents and applicable Federal and State law.

4. Should I still contact my lender if I have waited too long and my property has been referred to an attorney for foreclosure?

Yes, the sooner the better!

5. What if my property is scheduled for a foreclosure sale in the future?

If your lender receives a complete Uniform Borrower Assistance Form and the supporting documents it requires with only 37 or fewer calendar days before a scheduled foreclosure sale, there is no guarantee it can evaluate you for a foreclosure alternative in time to stop the foreclosure sale. Even if the lender is able to approve you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may not halt the scheduled sale.

6. Will my property be sold at a foreclosure sale if I accept a foreclosure alternative?

If your scheduled foreclosure sale date is scheduled within 37 or fewer calendar days, there is no guarantee that the sale may be stopped. However, if the scheduled foreclosure sale is outside of this timeframe or a foreclosure sale has not been scheduled, the property will not be sold at a foreclosure sale if you accept an offer for an alternative to foreclosure and comply with all requirements.

* U.S. Department of Housing and Urban Development (HUD)
HUD is a U.S. government agency that works to increase home ownership, supports homebuyers, and offers government help for homeowners.
HUD offers free or low-cost foreclosure prevention counseling throughout the country.
To find out where the nearest counseling agency is in your area, please visit www.hud.gov or call toll free, 1.800.569.4287 for more information.

** Academy will not collect any fees for processing a foreclosure alternative resolution option.

Important Forms:
Request for Transcript of Tax Return