Webster Homeowner Assistance Program FAQs
To help you through this tough time, we’ve provided answers to some common questions about the Webster Homeowner Assistance Program.
What type of assistance do I qualify for?
Eligibility for assistance is determined upon the review of your specific circumstances and will be based on your personal financial ability, hardship and your intentions. Please submit the required documents and a call at 800-270-5300 to see how we may be able to help you.
What is considered a "hardship"?
A hardship is a change in circumstances that affects your ability to satisfy your current financial obligations.
What is a workout?
The alternative solutions we "work out" with our customers, who have experienced hardships, to pay back their loans are called "workouts”. They include payment plans, loan modifications, forbearance, short sale and deed-in-lieu of foreclosure, or any combination of these options. These may also be referred to as “Loss Mitigation Products”. Learn more about "workout" options.
What is the difference between a workout and a refinance?
Our specialists review workouts when a customer has suffered a hardship and may be delinquent. They will review the situation, make a recommendation and attempt to workout the existing account to allow the customer to keep their home. A refinance is a new loan which pays off the cusotmer's account and would not be handled by a workout specialist. Workouts typically occur in situations in which the customer cannot refinance based on certain eligibility requirements.
I have lost my job or my hours have been reduced, what should I do?
Depending on your financial ability you may qualify for different workout options, but you will need to call and discuss your specific situation with a specialist. We offer solutions based on individual financial ability. Call us at 800-270-5300.
I have fallen behind on payments, but can now afford them. What can I do about the payments I am behind on?
We have the ability to offer solutions that may extend, defer, modify or adjust payments that are due to the bank. We strongly encourage you to call so we can discuss which option will best suit your situation. Call us at 800-270-5300.
What is foreclosure?
A foreclosure is the legal proceedings initiated by a lender to seize the collateral for a loan that is in default.
Can you help me if I’m already in foreclosure?
Yes, if you’re currently in foreclosure, the process will be temporarily suspended while your account is reviewed. We’ll make every effort to work with you to evaluate your personal financial situation and determine if you might benefit from any options the Webster Homeowner Assistance Program offers. Time is of the essence, contact us immediately and we’ll do our best to help you to maintain homeownership.
What should I do about the foreclosure notices I’ve already received?
The foreclosure action is temporarily suspended while we evaluate your personal financial situation and your eligibility for the Webster Homeowner Assistance Program. We ask that you please keep any notices that you’ve received for your records.
Does this moratorium mean I don’t have to make my monthly payments for 90 days?
It is important to keep making your payments while you’re working with a Webster Loan Counselor. Rest assured we’ll work with you to assess your personal financial situation and explore all the available options under the Webster Homeowner Assistance Program.
My financial situation is stressful and I just don't know what to do.
We can appreciate that dealing with financial hardship can be very difficult. Webster is committed to helping our customers retain homeownership. Please submit the required documents and a call at 800-270-5300 to see how we may be able to help you.
I have my home listed for sale and can't make the mortgage payments. What can I do?
We know that it is often a difficult decision sell your home. Webster actively provides opportunities to allow additional time to sell while paying a lesser monthly payment or in some circumstances, no mortgage payment at all. We will also review the possibility of accepting a short sale on property where the sale proceeds do not cover the mortgages on the property.
What documents are required for a workout on my mortgage or home equity?
There may be different information required for different types of workouts; however, expect to complete a financial disclosure statement, outlining monthly income and expenses. We will require verification of income, including payroll stubs and W-2 information, as well as a written hardship statement confirming the nature of your situation.
Can you help me if I am not able to verify my income?
Yes, a Webster Loan Counselor can work with you to see if there’s alternative documentation that can be used to support your ability to pay.
I have an offer on my home but it is less than I owe. What can I do?
You are welcome to discuss our short sale program with a specialist. We may allow a short sale on a first or second mortgage (Home Equity) you hold with Webster. Please call us at 800-270-5300 to discuss your unique situation and to find out what information we will need.
Can you help me if I currently owe more on my home than the property is worth?
Yes, we’ll evaluate your personal financial situation and current property value and see if the options provided under the Webster Homeowner Assistance Program might work for you.
How do I apply for a mortgage modification?
Please call us at 800-270-5300 to discuss a mortgage modification. This contractual adjustment may include changing your term, rate and/or payments, as well as deferring payments, if applicable, to bring your account up to date.
If I can't make my mortgage payments, how long do I have to act?
If you are not able to make your mortgage payments, you should contact your bank immediately. Your credit may be affected after 30 days and, if you continue to be past due, you could risk foreclosure.
Do I qualify for the Making Home Affordable program from the federal government?
To find out if you qualify for the Making Home Affordable program, you must call the holder of your mortgage loan at the number printed on your monthly mortgage coupon or statement. Learn more about the Making Home Affordable program.