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.
Short-term Forbearance – If you are experiencing a short-term hardship that is preventing you from making your monthly payments, you may qualify for a forbearance. A forbearance allows you to make reduced mortgage payments or no mortgage payments for a specified period of time.
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.
Loan Modification – If you have a long-term hardship that is preventing you from making your monthly payments, you may qualify for a modification. A modification changes the terms of a loan to make it more affordable for you. The changes may include changes to the interest rate, loan balance or loan term. Even if you’re unable to refinance your small business loan, you may still qualify for a modification. Please contact BBVA Compass at 1-877-751-8261 and allow us to try to help you through your difficult time. Or select the link below to access a printable copy of our Business Banking Modification Assistance Package. Just follow the instructions included and return the completed package to us at the address provided.
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.
Contact us to learn more about all of our payment assistance options: