BankUnited has programs in place for borrowers who find themselves in challenging financial situations. It is best to contact the bank before problems occur. Falling behind on your mortgage payments can reduce your credit score by as much as 100 points.

Payment plans are agreements between the borrower and BankUnited that bring the loan current.  If you are one or two payments behind, please call a loan counselor in our Collections department at (866) 708-4393 or Loss Mitigation at (866) 828-8478.

If a mortgage holder needs to sell a property but the fair market value is less than the amount of the debt, a short sale may be considered. The bank must agree to the price before the sale and the mortgage holder may be asked to contribute to any difference between the sale price and the mortgage on the property. Please call (866) 828-8478 to discuss short sales with a loan expert.

 A A Deed in Lieu transaction occurs when the borrower agrees to give up title to the property rather than go through the process of a formal foreclosure. Typically, BankUnited will request the borrowers attempt to sell the property for three consecutive months before considering a deed in lieu. For more information, contact a specialist in the Loss Mitigation department at (866) 828-8478.

There are several government programs for borrowers who need assistance. Contact Hope for Homeowners at 888-995-HOPE or by e-mail at www.hopenow.com. The FHA has additional resources on its web site at www.hud.gov  (U. S Department of Housing and Urban Development oversees the Federal Housing Administration FHA).

At the current time, BankUnited has waived

pre-payment penalties on option-ARM loans. To request a payoff notice, call 877-779-2265.