Business Loan Payment Assistance
If your business is falling behind on its payments, BBVA Compass is here to help.
Some options that may be available for loans that are secured by Real Estate:
- Repayment Plan – an agreed-upon plan to resume regular monthly payments, in addition to paying a portion of the past due payments over a designated time frame.
- Re-age or Extension – allows you to move a limited number of installments to the end of the loan term, if you qualify based on federal guidelines.
- Short Sale – allows you to sell your real property for less than the amount you owe on the property. Short sales most often occur when the payoff amount of your loan is greater than the fair market value of your real property and you have attempted to sell in order to avoid foreclosure
- Deed in Lieu of Foreclosure – the transfer of ownership of your real property to BBVA Compass if it has been on the market for a specified period of time and additional criteria are met.
Some options that may be available for loans not secured by Real Estate:
- Repayment Plan – an agreed-upon plan to resume regular monthly payments, in addition to paying a portion of the past due payments over a designated time frame.
- Extension to move a limited number of installments to the end of the loan term.
The definitions of payment options provided above are for your convenience only. This is not an offer to enter any of the mentioned programs. The programs/options mentioned above are not available to everyone. Each borrower must be assessed on a case by case basis. Please note that participation in a debt repayment program may have an effect on your credit rating.
To discuss any of the options listed above, ask questions, or address other possible solutions, please call us at 1-866-681-1662, or contact us online.
