Loan Payment Assistance
BBVA Compass is here to help whether you need loan payment assistance for Real Estate loans, installment loans or credit cards.
Real Estate Loan Options
The following options may be available to you:
- An agreed upon Repayment Plan to resume regular monthly payments, in addition to paying a portion of the past due payments over a designated time frame.
- A Re-age or Extension to move a limited number of installments to the end of the loan term. Eligibility for this option is based on federal guidelines.
- A 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 home and you have attempted to sell your home in order to avoid foreclosure
- A Deed in Lieu of Foreclosure is the transfer of ownership of your home to Compass if your home has been on the market for a specified period of time and additional criteria are met.
Installment Loan Options
The following options may be available to you:
- An agreed upon Repayment Plan to resume regular monthly payments, in addition to paying a portion of the past due payments over a designated time frame.
- An Extension to move a limited number of installments to the end of the loan term.
Credit Card Options
The following options may be available to you:
- An agreed upon Fixed Monthly Payment until your balance is repaid.
- A Re-age to bring your account current, if you show a willingness and ability to pay.
- A Temporary Plan for 12 months with a possible reduction in the interest rate, a regular payment schedule and no fees.
- A Permanent Plan for 60 months with a possible reduction in the interest rate, a regular payment of 1.5% of the current balance and no fees.
- A CCCS Plan designed to reduce your monthly payment; it may include an interest rate reduction and no fees as arranged through Consumer Credit Counseling Service.
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.
