Mortgage FAQs: COVID-19
I am unable to make my mortgage payments due to COVID-19. Is there help available?
Synovus Mortgage is no longer offering blanket loss mitigation COVID-19 relief. However, you may apply to be reviewed for all loss mitigation options.
To obtain a loss mitigation application, please contact us at (800) 803-0803 at one of the following extensions.
Information on Potential Loss Mitigation Options
Mortgage Programs Are Available to Help
There are a variety of programs available to help you resolve your delinquency. You may be eligible to modify your mortgage to make your payments and terms more manageable, for instance, lowering your monthly payment to make it more affordable. Or you may qualify for a temporary (or permanent) solution to help you get your finances back on track. Depending on your circumstances, staying in your home may not be possible. However, a short sale or deed-in-lieu of foreclosure may be a better choice than foreclosure – see the table below for more information:
|Reinstatement||Pay the total amount you owe, in a lump sum payment and by a specific date.||Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future|
|Repayment Plan||Pay back your past-due payments together with your regular payments over an extended period of time||Allows you time to catch up on late payments without having to come up with a lump sum|
|Forbearance /Extension||Make reduced mortgage payments or no mortgage payments for a specific period of time||Have time to improve your financial situation and get back on your feet|
|Modification||Receive modified terms of your mortgage to make it more affordable or manageable||Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship|
|Short Sale||Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth||Allows you to transition out of your home without going through foreclosure. In some cases relocation assistance may be available|
|Deed-in-Lieu of Foreclosure||Transfer the ownership of your property to us||Allows you to transition out of your home without going through foreclosure. In some cases relocation assistance may be available. This is useful when there are no other liens on your property|