Hardship Assistance

Hardship Assistance

Get Help During Financial Difficulties

Arvest Bank - Mortgage Division is proud to offer assistance to homeowners who are experiencing a financial hardship. As your home mortgage servicer, we want to help you retain your home or help to ease your transition to a new home.

If you are experiencing a hardship, the time to act is now. Please review the overview of different hardship assistance options available below:

Types of Programs Offered Short-Term Hardship

Program Type Current Financial Hardship Benefits
Forbearance Short-Term Hardship. You have limited or no amount of income. Allows you to temporarily reduce your monthly payment to allow you to recover from your hardship. Can lead to other workouts once the forbearance period is over.
Repayment Plan Short-Term Hardship. You have the financial ability to make more than the regular monthly payment but have fallen behind on your mortgage. Allows you to bring your account current by paying your monthly payment plus an additional amount each month.

Types of Programs Offered Long-Term or Permanent Hardship

Program Type Current Financial Hardship Benefits
Modification Permanent/Long-term Hardship and want to keep the property. Allows you to reduce your monthly mortgage payment. If approved by investor and/or insurer the delinquent interest, escrow shortage, and other fees will be capitalized. An escrow account will be set up for taxes and insurance.
Presale/Short Sale Permanent/Long-term Hardship and want to leave the property. You do not have the ability to make the current mortgage payment and/or are unable to qualify for a modification. Allows you to sell your property for less than what is owed to satisfy your debt if approved by the investor. Beneficial if your property value has decreased. Must have a licensed realtor and be an "arms-length transaction."
Deed in Lieu Permanent/Long-term Hardship and want to leave the property. Allows you to ask your investor/insurer to accept the deed for your property in lieu of foreclosure. Beneficial if you have been unsuccessful in your efforts to sell your home.

Service Members Civil Relief Act (SCRA) and Permanent Change of Station orders (PCS) are also eligible hardships for the aforementioned plans. Please contact Arvest Bank - Mortgage Division with any questions regarding these services and how they apply to you.

What Documents Do I Have to Submit?

  • Income Verification
    • 30 days of recent pay stubs, including Year-To-Date totals
    • Government benefits letters, including SSI, VA Benefit, Disability letters
    • Statements for Annuity Payments or retirement income
      • Two (2) consecutive months’ worth of bank statements, required on benefits letters and statements for annuities and retirement income
    • Rental income verification including Lease agreements and proof of payment for two consecutive months
    • Most recent tax return
  • Hardship Verification
    • Documentation will vary with Investor, but will be listed on Borrower’s solicitation packet provided by Arvest Bank - Mortgage Division
      • Commonly requires written hardship letter
      • Contact Arvest Bank - Mortgage Division for more information

Helpful Links for Additional Foreclosure Prevention Information

Coronavirus Mortgage Relief Information

  • Arvest Bank wants to ensure our customers fully understand the relief options available to them due to the effects of COVID-19, and how each option works. Learn More
  • Read the Consumer Financial Protection Bureau's guide to Coronavirus Mortgage Relief Options and Tools to Help Pay Your Bills
  • CARES Act Mortgage Forbearance: If you can’t make your mortgage payments because of the coronavirus, start by understanding your options and reaching out for help. Learn More
  • The Consumer Financial Protection Bureau has compiled additional useful information for homeowners and renters. Learn More
  • Review forbearance repayment options before your forbearance period ends. Learn More
  • The Homeowner Assistance Fund (HAF) helps households with housing-related expenses due to the impacts of COVID-19.

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