Routing number: 221571415

Number Copied
Branches / ATMs
EN
EN ES
Puerto Rico
US Virgin Island
FDIC-Insured - Backed by the full faith and credit of the U.S. Goverment
FDIC-Insured - Backed by the full faith and credit of the U.S. Goverment
Personal Commercial
Make an appointment
EN
EN ES
Puerto Rico
US Virgin Island
Personal Commercial
Meet Oriental Branches / ATM's Appointment Blog Contact us

Access your accounts

Personal Commercial
MEJORA TU HIPOTECA
Programs to prevent home foreclosure
Programs to Help You Keep Your Home.
Schedule an appointment 001-type_svg
Schedule an appointment 001-type_svg
Write To Us 001-type_svg
Write To Us 001-type_svg

Call us at 787-766-8181 or 1-800-981-3324.

Loss Mitigation is a program designed to prevent and reduce the amount of delinquent loans by offering payment options.
The following aspects are evaluated:
image
Customer's financial condition
image
Reason for the late payments
image

Customer's intention to retain or dispose the property

image
Type of loan and investor
image
Market value of the property

The alternatives in this program try to prevent foreclosure and pay the arrears. The available options depend on the type of loan, the customer's individual situation, and the investor's approval.

Loss mitigation alternatives to prevent foreclosure

Available for all loan types
Reinstatement
Pay all past due amounts in a single lump-sum payment. Available if you have the funds to pay now. Allows you to bring your mortgage current immediately.

Available for conforming and non-conforming loans

Special forbearance

Make reduced payments or no payments for a specific period. During this time, the delinquency of your mortgage will continue to increase.

Available for conforming and non-conforming loans

Modification
Allows you to bring your mortgage current by permanently modifying your mortgage. May require your successful completion of a Trial Payment Period.

Available for fannie mae, Freddie Mac Conventional Mortgages And for some non-insured loans

Payment deferral2
Defer repayment of the amounts of principal and interest payments, which will be due and payable at the mortgage loan’s maturity or earlier upon the sale or transfer of the property, refinance the mortgage loan or payoff of the interest-bearing unpaid principal balance.

Available for FHA and VA Loans

Partial claim3
Creates a second interest-free mortgage for the amount due, which will be due and payable at the maturity of the mortgage loan or earlier upon the sale or transfer of the property, refinance the mortgage loan, or payoff of the interest-bearing unpaid principal balance.

Available for conforming and non-conforming loans

Repayment plan
You pay all past-due amounts along with your regular monthly payments for a specific period of time. Available if you have sufficient income to cover an amount higher than your regular monthly payment.
Available for usda/rural MORTGAGES
Mortgage Recovery Advance4
A second mortgage is created with no interest for the amount of the past-due balance. This mortgage comes due and becomes payable at the maturity of the primary mortgage, or earlier if you sell or transfer the property title, refinance, or pay off the interest-bearing principal.

Available for conforming and non-conforming loans

Short Sale

Sell your property. Proceeds from the sale are used to pay off a portion of your mortgage balance when you owe more on your mortgage than the home is worth. Allows you to transition out of your home to avoid foreclosure. The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences.

Available for all loan types
Deed in Lieu

Transfer ownership of your property to us in exchange for relief from some or all the mortgage debt. Allows you to transition out of your home if you cannot sell your house to avoid foreclosure. The remainder of your mortgage debt after the transfer of ownership may be forgiven, but there may be tax consequences.

Required documents for preliminary evaluation*
image
Salaried Customer
  • Paystubs for the last 30 days that include YTD information, if not included customer must provide it 
  • Most recent W2 or last executed Income Tax Return 
  • Other income evidence (rent, social security, etc.)** 
  • Evidence of utilities (electricity, water, etc.) 
  • Evidence of other recurring expenses not reflected on your credit report.**
LOSS MITIGATION APPLICATION 001-type_svg
image
Self-employed Customer
  • Most recent quarterly or YTD profit and loss statement 
  • Executed Income Tax Return for the last year including attachments (for both individual and corporation) 
  • Other income evidence (rent, social security, etc.)** 
  • Evidence of utilities (electricity, water, etc.) 
  • Evidence of other recurring expenses not reflected on your credit report.**
LOSS MITIGATION APPLICATION 001-type_svg
Other documents may be requested during the evaluation process.

*This list indicates the minimum documents required to begin the evaluation process. Additional documents and information may be necessary to complete your application.

 

**Last two bank statements may be requested to confirm income and expenses information.

Disclosures

Subject to credit approval. Certain terms, conditions, and restrictions apply. Equal Housing Lender.

 

(1) The Loss Mitigation complete application must be received at least 37 days prior to foreclosure in order to be evaluated.  

(2) Only for Fannie Mae and Freddie Mac Conventional mortgage loans and some non-guaranteed mortgage loans. 

(3) Only for FHA and VA mortgage loans

(4) Only for USDA/Rural Conventional mortgage loans.