SunTrust Loan Modification is one among the several homeownership assistance options that aims at helping you pay mortgages while you keep living in your home. One of the most popular home retention options, a loan modification is nothing but a permanent change in certain aspects of your original loan documents.

Either the interest rate or the mortgage term or both is adjusted in such a way as to fix a monthly payment that is more affordable for you to continue paying your mortgages despite a reduction in your income.

The other home retention options include Repayment Plan, Partial Claim and Fannie Mae Home Saver Advance. If you do not qualify for any of these, you can consider either a short sale or a deed in lieu of foreclosure to avoid the ignominy of a home foreclosure.

SunTrust Loan Modification Program

SunTrust Loan Modification Program is the same as the federal government’s Home Affordable Modification Program (HAMP), which is available for those who are behind their payments. It might help if you are facing financial hardship and think that you would not be able to make your current monthly payment unless it is changed suitably to make it more affordable for you.
The program is open for those delinquent borrowers who use their home as primary residence and the amount they owe on the property is below $729,750. There may be certain other eligibility criteria which you can check by visiting the website makinghomeaffordable.gov.

You will also find there the complete application package, which you can complete and send to your lender for further processing. Alternatively, you can contact the loss mitigation department of SunTrust Mortgage, Inc to work out a solution under HAMP. It is also possible to complete a secure confidential form online or make a request to send you a complete loan modification package through email, fax or US mail.

The other program under The Making Home Affordable is Home Affordable Refinance (HARP), which you may qualify if you are current in your payment and your loan is owned by either Fannie Mae or Freddie Mac. Moreover, your debt obligation on your first mortgage must not be more than 125% of the current value of your home. Other home affordable programs include Fannie Mae DU Refi Plus and Freddie Mac Relief Refinance.

SunTrust Mortgage Loan Modification Department

It often pays to have a realtor or an experienced professional by your side during a SunTrust Mortgage loan modification application. Your chances of success may increase as these experienced professionals know well how to carry out a mortgage negotiation with the loan officer of the bank for a quick approval.

For complaints and more information you can always contact SunTrust Mortgage loan modification department, which can be approached via loss mitigation department of the bank. Here is the phone number for SunTrust Loss Mitigation Department.

Phone Number: 800.443.1032, Option 3