Victory State Bank Shares Advice for Homeowners in Financial Distress
STATEN ISLAND, N.Y. – If you are living in fear of losing your home, Victory State Bank wants you to know about a possible remedy.
If you are having financial difficulties -- due to a job loss, a higher mortgage payment, or any other reason -- you are not alone.
The economic crisis has made it hard for many responsible homeowners to make ends meet.
According to the Federal Deposit Insurance Corp. (FDIC), the good news is that many people who were finding it difficult to make their mortgage payment have been able to save their home, and you can too.
The FDIC warns that you could lose your home if you ignore the problem and do nothing. Get in touch with a counselor and your servicer (the company to whom you send your monthly mortgage payment) today.
In order to assist you, Victory State Bank is sharing the following helpful information from the FDIC:
Your Servicer Wants to Help
Your servicer wants to help you keep your home. Many servicers implemented new loan modification programs in 2009 to assist homeowners experiencing financial difficulties by lowering their monthly mortgage payments. Plus, many servicers are participating in the government's Making Home Affordable Program and are working with non-profit counseling agencies through HOPE NOW.
Contact Your Servicer Today
Many servicers have recently added new mortgage modification programs for home loans. Call your servicer even if your request has been turned down before, as you might qualify under a new program. Be patient and persistent if you don't reach your servicer on the first try, as other homeowners are seeking help as well. If you don't know who services your loan or how to contact them, check your mortgage statement or look on-line at http://HopeNOW.com/index.php.
Apply for a Loan Modification
In a mortgage loan modification, you and your servicer agree to permanently change one or more of the mortgage's terms to make the payments more manageable for you. The changes could include reducing the interest rate, extending the term of the loan, forbearing (interest free) or forgiving principal, or a combination of these factors.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.