• Options to Preserve Your Home*
  The following options are available to homeowners who may need assistance in making mortgage payments:
  
  
• Repayment / Forbearance Plan
  Delinquent payments can be paid over an extended period of time (usually no more than 10 months), where a portion of the delinquent amount is added to your regular monthly mortgage payment.
  
  
• Loan Modification
  Provides a temporary or permanent change in one or more of the current mortgage loan terms. This will bring a delinquent mortgage to a current status, and will allow for more affordable monthly payments.
  
  
• Options to Prevent Foreclosure*
  The following options are available to homeowners who are unable to make their mortgage payments and wish to avoid foreclosure:
  
  
• Short Sale Allows for homeowners to sell their home and use the proceeds to pay off the mortgage loan even if the home’s market value is less than the total mortgage balance.
• Deed In Lieu Of Foreclosure A voluntary transfer of legal ownership of your property to the lender when you are unable to sell the home at its current market value.
  
  
* All loans are subject to borrower, loan type, and/or property qualification and approval. Not all borrowers, loan types, or properties qualify for any or all options.

• Contact our Servicing Department toll free at 888.794.3863 and request to speak with a Loss Mitigation Officer regarding Borrower Options.
  
  
• Complete the Financial Assessment Statement (hyperlink to a file) then fax to 949.861.7069 or email to lossmitigation@pmcmtg.com, along with:
  
  
• Current proof of Income for all borrowers – current paystubs and most recent W-2’s, or last federal tax return if self-employed,
• Current bank statements,
• Hardship Letter that outlines why payments have fallen behind schedule, and what you would like to do to bring the account current.

1. Send the insurance proceeds check to PMC Bancorp addressed to the PMC Bancorp Insurance Proceeds Department.
2. PMC Bancorp will endorse the check over to the company who purchased the loan from PMC Bancorp. 
3. PMC Bancorp will return the check to you via certified mail return receipt requested to the address of the property, unless you notify the PMC Bancorp Insurance Proceeds Department, in writing, of an alternate address.

    If the insurance proceeds check is in the amount of $3,000.00 or less and PMC Bancorp currently owns your loan or if PMC Bancorp currently retains an interest in the property of $50,000.00 or less, you must:

1. Have all borrowers endorse the insurance check.
2. You must send the insurance proceeds check to PMC Bancorp addressed to the PMC Bancorp Insurance Proceeds Department.
3. PMC Bancorp will then issue all borrower(s) a check for the same amount.
4. PMC Bancorp will return the endorsed check to the borrower(s) via certified mail return receipt requested with insurance to the address of the property, unless the borrower(s) notifies PMC Bancorp Insurance Proceeds Department, in writing, of an alternate address.

    If the insurance proceeds check is in the amount greater than $3,000.00 and PMC Bancorp currently owns your loan or currently retains an interest in the property, you must:

1. Immediately notify PMC Bancorp of the loss. 
2. PMC Bancorp will contact all borrower(s) within a reasonable time providing the borrower(s) with further instructions.

   For questions, please contact our Insurance Proceeds Department at the above addressed or phone number.