When we receive all the required documents, we will notify you within 5 business days that all required documents are received. We will start the evaluation process and pull your credit report to aid us in evaluating your eligibility. When evaluation is complete, we will send you written notice of the result within 30 days.
If you qualify, you then have 14 days to either accept or reject the offer. If you do not qualify for any of the loss mitigations offer, we will also send you a written notice. You then have 14 days to file an appeal. Your appeal request will be forwarded to another department for a review. You will then be notified of the appeal result within 30 days of your request.
Cathay Bank offers our customers the above mentioned loss mitigation options to avoid foreclosure. Foreclosure is a legal process a lender can use to take ownership of a property from a borrower who is behind on his/her mortgage payment. The foreclosure process usually begins approximately 45 days after you miss a mortgage payment, although it may begin earlier or later. The foreclosure process depends on the laws of the state where your home is located, the terms of your loan, whether you are covered by the Servicemembers Civil Relief Act and other factors.
For help exploring your options, Federal government agencies provide contact information for housing counselors, which you can access. These counseling agencies are experienced in providing homeownership credit counseling and will provide information, advice, and assistance to help you become current in your loan payments.
These agencies are approved by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Housing and Urban Development (HUD). You can find approved counseling agencies at either agencies websites at:
You may also contact these agencies by calling 1-855-411-2372 for CFPB or 1-800-569-4287 for HUD. Your state housing finance authority may also be able to help. Please visit their website at http://www.ncsha.org/housing-help