Suntrust Banking

In today’s economy, many people are looking to change their loans to make them more affordable.  Like most banks, Suntrust Bank is offering loan modification programs, so we here at Internet Banking 411 wanted to see how they work.

Suntrust Bank offers an across the board package of financial services. Suntrust Bank loan modifications are available in a number of variations. There is a basic repayment plan under special forbearance. The bank allows its customers to repay their missed payments in installment payments in case of suffering from a short-term financial jeopardy.

Terms for Suntrust Bank loans can also be adjusted under certain cases. The bank can extend the amortization schedule or lower the interest rates if customers have a genuine financial problem. They can also opt for rolling the delinquent amount into the loan and then re-amortizing this balance to maintain the current level of their accounts.

Suntrust modifications for short sale enable customers to sell their homes or any other mortgaged property for an amount that is less than their outstanding loan balance. The bank also offers the opportunity of short refinance where it forgives a portion of loan while converts the remaining into a new loan.

There is another option for avoiding a delinquency. Suntrust Bank offers the option of transferring the troubled property to the bank. This avoids a foreclosure and helps the customers in better negotiations with the bank. Solutions for loan problems are applied under extreme cases and the bank does not guarantee a specific solution for every customer. An initial evaluation is required before applying for these offers.

Suntrust Bank offers an online registration facility along with an online request form. Customers can use this feature to request information about equity home retention and relevant problems.