Financial Hardship Assistance

Having difficulties making your house payments? While foreclosure is a possibility, it is not the only possibility for your situation. At Central Bank, we have a variety of programs to help you resolve your delinquency and keep your home.

Financial Hardship Options

Foreclosure Alternatives


Refinancing your home with a new loan can bring lower monthly payments due to lower interest rates, or due to other favorable terms.

Forbearance Plan

Make reduced mortgage payments or no mortgage payments for a specific period of time. This gives you additional time to improve your financial situation and potentially qualify for a better option.


Pay the total amount you owe in a lump sum payment and by a specific date. This may follow a forbearance plan. It allows you to avoid foreclosure by bringing your mortgage current if you know you’ll have enough funds available in the future.

Repayment Plan

Pay back past-due payments alongside your regular payments over an extended period of time. This allows you to catch up on late payments without needing a lump sum.


Permanently modify your mortgage terms to make it more affordable or manageable after successfully making payments during a “trial period” (e.g., completing a three-month trial period plan).

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. It allows you to transition out of your home without going into foreclosure.


Transfer the ownership of your property to us. It allows you to transition out of your home without going through foreclosure.

If you’re considering refinancing, we recommend that you visit with a mortgage loan officer and your tax professional to see if refinancing to a shorter term loan makes sense for you. Check out our refi calculator to start crunching the numbers on what you could save in the long run and estimate your new monthly payment.

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