NMLS ID# 3761

Home Retention

Foreclosure is a last resort and most of the time it is avoidable. If you are experiencing financial difficulties and cannot make your mortgage payment, please contact us immediately. Sortis Financial will only foreclose on a property when there is no response from a borrower and/or an alternative payment plan or other delinquency resolution has not been agreed to. Communication is key.

Foreclosure Facts

Foreclosure is when a lender takes possession of a property in the event a borrower has failed to make their loan payments and is not actively working on alternative solutions with the lender. The foreclosure process is very time consuming, usually taking several months, and is expensive for the lender. Foreclosure can result in the loss of as much as 40 percent of the home's value.

After Foreclosure

In the event of foreclosure, not only does the borrower have to relocate from their home, foreclosure also results in long-term damage to the borrower’s credit rating. When the borrower recovers from their financial difficulties, a foreclosure can make it difficult to obtain a loan for a future home purchase, for college loan, or to even get a credit card.

Avoiding Foreclosure

If you are experiencing financial difficulties it is very important that you communicate with your lender. Failure to return phone calls and respond to mailed notices only increases the chance of foreclosure. Remember, your lender wants to work with you. Contact your lender as soon as you know you are experiencing financial difficulties and are unable to make your loan payments.

If you receive a call about your past-due mortgage, the best thing to do is take the call and start down the path to resolving the problem.

We can help

ClearSpring’s Homeowner Solutions Center is comprised of a team of highly trained, expert advisors dedicated to helping you with your mortgage needs. Whether you are currently past due or facing foreclosure, the Homeowner Solutions Center can help.

In the event you are unable to come to a solution that enables you to keep your home, the experts at the Homeowner Solutions Center can even help you sell your home and resolve the situation with the least impact on your credit.

Credit Counseling

If you are facing financial difficulties credit counseling may be able to provide you with budgeting and financial recommendations that could improve your financial situation. ClearSpring offers free credit counseling through partnerships with a national non-profit organization dedicated to helping consumers manage their debt.

Foreclosure FAQ's

What is foreclosure?

Foreclosure is when the lender takes possession of a property when the borrower has failed to make their loan payments. In a foreclosure, the borrower is required to move out of the property once the foreclosure sale is complete.

Why would the lender foreclose on my home?

Foreclosure only happens when the borrower is repeatedly unable to make payments or stops making payments. As lenders almost always lose money on a foreclosure, it is a last resort to minimize losses.

What can I do if I have received a foreclosure notice?

Contact the Homeowner Solutions Center at 866-660-5804 immediately. Even if you feel you do not have any resources or ability to repay your loan, you may have options that allow you to stay in your home and/or minimize the negative impact on your credit.

Can I sell my home if I’m already in foreclosure?

Yes. You’ll need to list your property with a licensed real estate agent. The sale must be done before the foreclosure sale is completed.

Can I sell my home if I owe more than it's worth?

In some cases the answer is yes. This is known as a short sale or pre-foreclosure sale. This is something you would need to work out with the Homeowner Solutions Center at 866-660-5804.

What effect does a foreclosure have on my credit rating?

Foreclosures may stay on your credit report up to seven years and can make it very difficult to get credit during that time. If you’re already facing foreclosure, there may still be options to minimize the damage to your credit. Contact the Homeowner Solutions Center at 866-660-5804 to learn more.

Your mortgage loan is a legal contract in which you promise to repay the money loaned to you in a timely fashion. While being late or missing a payment has consequences, it does not necessarily put you in danger of losing your home through foreclosure. If you are having trouble making your mortgage payments please contact us to discuss and arrange alternative solutions.

As a loan servicer, ClearSpring is legally required to report past due or missed payments to credit bureaus every month. If you regularly make your payments on time, this monthly reporting greatly benefits you by creating a positive credit history. Alternatively, if you have late or missed payments these monthly reports could create a negative credit history, resulting in poor credit and higher interest rates on future credit cards and loans.

Remember, keeping your payments current and on-time builds a positive credit history, avoids additional fees, and will help you get better interest rates on the credit cards and loans you may need in the future.


About The Plan

The federal government has introduced a Financial Stability Plan to address the key problems at the heart of the current crisis. A piece of that effort is Making Home Affordable, a plan aimed to stabilize our housing market and help Americans reduce their monthly mortgage payments to more affordable levels.

What is "Making Home Affordable" all about?

The Making Home Affordable Program is part of the Obama Administration's broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) and (3) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA).

Click Here to read our Eligibility Matrix to determine if you are eligible for this program.

The Home Affordable Refinance Program gives homeowners who qualify the opportunity to refinance into more affordable monthly payments.

The website, www.MakingHomeAffordable.gov provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the government's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer, as well as FAQs from borrowers in similar circumstances; and much more.

Do I Qualify?

If you are currently delinquent or struggling to keep current, you may be eligible for the Making Home Affordable Modification on your current loan. The government has provided several websites which contains a self-assessment tool designed to see if you are among the 7 to 9 million homeowners who may benefit from the refinance or modification programs available through this government program. You can also download a borrower Q&A there. To be considered for a modification, you should gather the information that you will need to provide to us.

This includes:

  • Information about the monthly gross income of your household, including recent pay stubs or documentation of income you receive from other sources
  • Your most recent income tax return
  • Information about any second mortgage on your home
  • Payments on each of your credit cards, if you are carrying balances from month to month
  • Payments on any other loans, such as student loans and car loans
  • Fill out the following financial package.
  • When finished, mail to the address found on our Contact Us page.

If you are current on your mortgage and your loan is held or guaranteed by Fannie Mae or Freddie Mac, you may be eligible to be refinanced through the Home Affordable Refinance program.

In the meantime, contact Fannie Mae or Freddie Mac to determine if your loan is held or guaranteed by one of these agencies:

  • Fannie Mae, 1-800-7FANNIE (8am to 8pm EST)
  • Freddie Mac, 1-800-FREDDIE (8am to 8pm EST)
Helpful Websites

If you are looking for help and additional information you are not alone. Luckily, there is an array of helpful resources and organizations available who may be able to answer your questions and help you. To aid in this effort, we've assembled some websites that provide assistance to borrowers. Please note that ClearSpring Loan Services is not responsible for the content provided on these websites.

Mortgage & Credit Resources National Foundation for Credit Counseling

HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently.

Other Helpful Sites:

Finance 101

ClearSpring supports several organizations dedicated to providing borrowers with education on borrowing and financial management.


Education Foundation (www.borrowsmart.org) is a nonprofit organization with particular focus on understanding the risks, rights and responsibilities involved in home equity loans.


Coalition for Personal Financial Literacy (www.jumpstart.org) educates young adults about financial matters. The Jump$tart Coalition believes that all young adults need to have the financial literacy necessary to make informed financial decisions.

Don’t Borrow Trouble

A Freddie Mac sponsored program (www.dontborrowtrouble.com) that teaches homeowners how to avoid predatory lending practices.