I want to avoid foreclosure and stay in my home

The following programs may help you avoid foreclosure and allow you to stay in your home:

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If you want to stay in your home, we may be able to help you keep it. For example, you may be eligible for a deferment of your payments for a period of time to help get through your hardship or to permanently modify your mortgage, lowering your monthly payment to make it more affordable. If you have decided to leave the house, we may have options to help you without going through a foreclosure. Either way, the sooner you call us to explore your options, the more alternatives you may have. Contact us at 812-670-3776 or [email protected].

Refinance or Re-amortization: If you’ve kept your payments current (not more than one payment was 30 or more days late in the last 12-months and zero 30 day late payments in the last six months) and your loan originated at least five years ago, then as long as the appraised value of your home is close to or less than what you owe, we may be able to help you refinance or re-amortize your existing First Savings Bank mortgage.

Reinstatement: Pay the total amount you owe to bring your mortgage current in a lump sum payment and by a specific date. This may follow a repayment or forbearance plan as described below. A reinstatement allows you to avoid foreclosure by bringing your mortgage current if you can demonstrate funds 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. This will allow you time to catch up on late payments without having to pay a lump sum.

Temporary Deferment: If your situation is temporary, you may be able to make reduced or no mortgage payments for a specific period providing you with time to improve your situation and get back on your feet.

Modification: Receive modified mortgage terms to make it more affordable or manageable. These changes may permanently modify your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship.

Forbearance Plan: If you need more than two or three months to resolve your hardship, a Forbearance Plan may allow you to make reduced mortgage payments or even no mortgage payments for a specific period of time. This time is intended to allow you to improve your financial situation and possibly qualify for a better option than would be available to you today.

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