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CORPORATE INFORMATION

Provident Bank
3756 Central Avenue
Riverside, CA 92506
Phone:  (951) 686-6060

IMPORTANT NUMBERS

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24 Hour Information
Phone:  (800) 442-5201

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Phone:  (800) 567-3451

Provident Bank Mortgage
Direct Loan Center
Monday - Friday
Phone:  (800) 250-1713

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• AVOIDING FORECLOSURE  
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Financial Package Requirements Financial Statement  Link to Excel document  Form 4506T Link to PDF document Form SSA 89 Link to PDF document
 

AVOIDING FORECLOSURE

If you don’t pay your monthly mortgage payments over a period of time, the lender can foreclose. This means you will lose title to your property and may be evicted from your home. A foreclosure becomes part of your credit report and may adversely affect your ability to obtain credit in the future.

To avoid possible foreclosure, it is helpful to have money saved to cover several months of your housing costs in case of an unexpected emergency, like job loss, divorce or separation, serious illness, or the death of a loved one.

WHAT IF YOU CANNOT PAY YOUR MORTGAGE?

1. Call your lender now!

You may reach an individual to help you at Provident Bank by dialing (800) 686-3756, extensions 16166, 16163, 16161, or 16111.

As soon as you realize that you are unable to make your mortgage payments, talk about your circumstances with the lender to which you send your monthly mortgage payment. Your options for retaining your home are most effective when you are only one or two payments behind.

Too many people in financial trouble wait until the last minute to call their lender. Some hope their problems will quickly resolve themselves, while others worry the lender will rush to collection or foreclosure. The truth is: the longer you wait, the greater your chance is of losing your home because of the increasing amount of debt. If you are unable to make your mortgage payment, don’t delay—call your lender immediately. In a significant number of all foreclosures, the borrowers did not return their lender's calls or written invitations to discuss payment options.

Depending upon your situation, your lender may be able to provide you with temporary financial relief. Below are some alternatives to discuss with your lender:
  • Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
  • A reinstatement occurs when you pay your lender the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
  • A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of the amount past due with your regular monthly payment. At the end of the repayment period, you will have gradually paid back the amount of your mortgage that was delinquent.
  • A loan modification is a written agreement between you and your lender that permanently changes one or more of the original terms of your mortgage to make the payments more affordable. This option is only available for certain Federal Home Loan Bank, Fannie Mae and Freddie Mac loans serviced by Provident Bank (see below for additional details).
  • A short sale occurs when you sell your home but the sale proceeds are less than the total amount you owe on your mortgage, and your lender agrees to a short payoff and cancels the portion of your debt that exceeds the net proceeds from the sale. Credit reporting agencies will be notified accordingly, and you may owe taxes on the amount that is forgiven. Provident Bank will only consider a short sale in extreme and rare circumstances (see below for additional details). A short sale is not an option if Provident or its agents have already set a foreclosure sale date on your property.
Some of these options may not be available to you based upon your circumstances or the type of your loan. Only your lender can apprise you of the specific options available to you after discussing your situation. After speaking with your lender’s representative, you may be asked to submit a financial package showing proof of your hardship, income, or other information so the bank can determine whether you qualify for certain relief. More details on these required documents can be found by clicking on the indicated link above.

2. Contact a Non-Profit Housing or Credit Counseling Agency

Non-profit housing and credit counselors can help you analyze your financial situation. They can help you organize a budget to pay your mortgage and other monthly expenses—without your lender’s initial direct involvement. These agencies can also help you to find and take advantage of local services or programs that provide financial, legal, medical or other support.

You can find a credit counseling agency in your local phone book or by contacting the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern time. You can find a list of HUD approved agencies by visiting the HUD website at www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm.

FEDERAL HOME LOAN BANK (FHLB) - FANNIE MAE AND FREDDIE MAC LOANS

If Provident services your loan for Federal Home Loan Bank, Fannie Mae or Freddie Mac, Provident Bank will provide loss mitigation options as required by the government sponsored enterprises (GSEs). To determine if your loan is being serviced for Fannie Mae or Freddie Mac visit their website at:
If you have a Fannie Mae or Freddie Mac loan, the following are some of the criteria that Provident Bank uses to determine whether you qualify for a loan modification:

  • You have a temporary hardship that you can document.
  • Your mortgage is for a one to four unit property, and you’re currently occupying the property as your primary residence.
  • You have not had a prior modification. [In situations where a modification has already been granted by Provident Bank, no subsequent application or request for an additional modification will be accepted, processed, or underwritten. All modifications are final and not subject to further modification.]
Again, these are general guidelines for consideration and do not guarantee qualification for a modification. A final determination will be based on an underwriting analysis of the borrower’s current and prospective ability to repay under modified terms of the loan.

Any and all information submitted in support of requests for a loan modification is subject to verification by Provident, including but not limited to documentation substantiating a hardship. Once the borrower’s income and liabilities as well as corresponding ratios are evaluated and a determination has been rendered, Provident’s decision will be final. Provident will NOT advise borrowers, or their attorneys or agents, as to how to make adjustments to their income and liabilities in order to qualify for a modification.

Provident is not required to consider a resubmission of the same documentation, even if submitted by a different attorney or agent on behalf of the borrower. A subsequent submission following a denial will not be considered unless there is a legitimate, independently verifiable change in a borrower’s personal or financial circumstances since the prior submission which warrants the review of additional information. This change must be explained in reasonable detail in a separate letter which includes supporting documentation. Upon review of this additional information, Provident may invite the borrower, or their attorneys or agents, to submit a new financial package which reflects the borrower’s changed circumstances. All decisions on subsequent submissions following an initial denial will be final.

SHORT SALES

Provident Bank will only consider a short sale in extreme and rare circumstances. You must speak with a Provident representative to find out whether the bank will consider a short sale in your particular situation. However, if a foreclosure sale date has already been set on your property, Provident will not consider a short sale for any reason.

If a Provident representative advises you that a short sale may be considered, you must submit your best and final offer along with all financial package requirements. Further, the bank will only consider a single offer at any given time. Provident will not receive any additional offer until a pending offer is actually rejected. Although Provident will make every attempt to respond within fourteen (14) days, Provident makes no guarantee as to the timeliness of its response to a short sale request. Borrowers will receive a response via regular U.S. mail only. Provident will not conduct negotiations over the telephone.

Once a complete package has been reviewed by Provident, its decision will be final. Provident will not consider any resubmissions, including different offer(s), for up to twenty-one (21) days following the issuance of a declination letter.

Provident’s consideration of a short sale request does not constitute a waiver of any contractual rights and/or powers granted pursuant to the terms and conditions of the Promissory Note and Deed of Trust in favor of Provident. As such, Provident will continue with any collection action, including foreclosure proceedings, under the covenants of the Deed of Trust.

This is not an offer for an extension of credit or a commitment to lend. All applications are subject to borrower and property underwriting approval. Not all applicants will qualify. All loan products and terms are subject to change without notice. Provident Savings Bank, F.S.B
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