Trouble Making Payments

Seneca Mortgage Servicing realizes that existing or foreseeable financial hardships may make it difficult for you to make your monthly mortgage payment. If you are having financial difficulties, it may be possible for us to assist you with one of the following options, depending upon your current financial situation:

Know Your Options

Fannie Mae's helps homeowners find the information needed to avoid foreclosure including mortgage options, resources and real homeowner stories. Your resource for housing education and information.

Repayment Plan

By setting up a repayment plan, Seneca can customize a plan that will bring your loan to a current status by the end of the plan. We do this by spreading out the amount you owe over a period of time defined in the plan. Basically, Seneca divides the number of months you have been delinquent by the number of months in the payment plan and then add this smaller, affordable payment to your current payments.


An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.

  • Have time to improve your financial situation and get back on your feet
  •  Less damaging to your credit score than a foreclosure
  • Stay in your home and avoid foreclosure

Special Forbearance Plan

The objective a special forbearance plan is to create a 3-to-6 month period for you to demonstrate your ability to make a reduced payment that is affordable to you based on your current financial situation. Upon completion of this trial period, other loan terms could be offered including Loan Modification.

Loan Modification

By modifying your loan, Seneca can alter part of your mortgage debt by lowering your interest rate, loan balance, or term (length of time) of your loan. This may lower your payment and bring your account current.

Click here to obtain a loan workout package.

Listing Your Property for Sale

By offering advice about listing your property, we can help you to maximize your chances of receiving a sale offer acceptable to both you and to Seneca. The sale of your property could help you to avoid a foreclosure sale of your home.

Deed-in-Lieu of Foreclosure

If you do not intend to keep the property and your title is clear of other liens, then Seneca may be able to accept the deed to the property and forgive your debt, even if the property is worth less than the balance that you owe.

Our asset managers are highly trained and qualified to work with you during this difficult time. Please contact Seneca at 866-919-5608 so that we can help you.

Additional Resources

The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies designed to help homeowners avoid losing their homes. To obtain a list of HUD-approved counseling agencies, please call 800-569-4287 or visit

Home Learning Center – Operated by the Mortgage Bankers Association, provides helpful tips and information for homeowners as well as a Foreclosure Prevention Center for borrowers who may be having difficulty making their mortgage payments.

Housing Help Now – Sponsored by the National Foundation for Credit Counseling, Homeowner Crisis Resource Center refers borrowers to NFCC-certified credit counselors who can provide guidance about your options and where to turn to for help. Consumers can take the Mortgage Reality Check, an easy-to-take quiz that helps borrowers gain a better understanding of how their mortgage fits their current budget and income.


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