Financial trouble? We are here to help.

We understand the many unexpected challenges that homeowners may face over the life of a home loan. If you are worried about making your home loan payment, the best thing you can do is reach out to us as soon as possible. It can be a costly mistake to wait. Every month you miss a payment, fewer options are available to help and more fees are assessed to the mortgage.

Step 1: Call VMLS at 844-865-7378, M-F 8 a.m. to 5 p.m. CST.

A mortgage specialist will ask you about your finances and your current hardships. We will evaluate your situation and may require you to submit a full Loss Mitigation package. You can find the Loss Mitigation Package here. Send the completed Loss Mitigation Package and all required back-up documents to lossmit@volservicing.com or by mail to:

Volunteer Mortgage Loan Servicing
404 James Robertson Pkwy, Ste 1450
Nashville, TN 37129-1536

Types of Loss Mitigation Options

The options you will be reviewed for are dependent on your loan type (FHA, VA, USDA, Conventional). We follow the guidelines put in place by your mortgage insurance holder.

  • Informal Forbearance - If you have the ability to pay extra in the next 3 months to bring your loan current, a mortgage specialist can offer a verbal informal forbearance agreement. This option does not require a loss mitigation package and does not require a signed agreement. This option will increase your monthly payment for a short time.
  • Special Forbearance - If you have a temporary loss of income, this option allows a temporary suspension of payments for up to 12 months from the mortgage loan due date. This does not resolve your payment delinquency, but allows time to regain income. This option does require a full loss mitigation package and a signed agreement. Once income is returned, additional loss mitigation options will be reviewed to help resolve the delinquency.
  • Repayment Plan - If you have faced a hardship but now have surplus income to pay towards your mortgage, this options allows up to 12 to 18 months to increase your mortgage payment to pay back the missed payments. This option does require a full loss mitigation package and a signed agreement.
  • Loan Modification - If you have faced a hardship and have a permanent reduced income or increased expenses or you do not have enough surplus income to complete a repayment plan successfully, this option offers a permanent change to your mortgage terms adding the overdue payments to your loan balance. A modification may reduce your interest rate and extend your term to create ongoing payment relief. This option does require a full loss mitigation package, a signed trial payment plan agreement, successful completion of at least 3 trial payments, and a signed and notarized modification agreement.
  • Partial Claim / Mortgage Recovery Advance - This option is for FHA and USDA loans and can be used in combination with a Loan Modification or as a stand-alone option. FHA / USDA offers an interest free loan that does not get repaid until you pay off your mortgage with VMLS. FHA / USDA provide the funds to bring the loan current, and if needed, to buydown the principal balance making your mortgage payment more affordable. This option does require a full loss mitigation package, a signed trial payment plan agreement, successful completion of at least 3 trial payments, a signed Note, and a signed and notarized Deed of Trust for the additional mortgage.

Certified Mortgage Counselors.

THDA offers certified HUD Mortgage Counselors near you to help work through your financial trouble. The counselors are available to meet face to face or by phone. They can assist with filling out the loss mitigation package, help figuring out a budget that works for you, or provide additional resources in your area for more assistance options.

To speak to a THDA HUD Mortgage Counselor today, call 888-483-8432 (888-HUD-THDA), or email: HUDcounseling@thda.org

For a full list of HUD Mortgage Counselors in the state of Tennessee, click here to be redirected to HUD's website.