About Fremont Bank

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Fremont Bank is a retail and commercial bank and California mortgage lender. Founded in 1964, Fremont Bank is one of the oldest independent family-owned and managed banks in the state. It has 20 branches across the counties of Alameda, Contra Costa, Santa Clara, San Francisco and Monterey with retail loan offices in Sacramento and Los Angeles counties.

 

In the late 1980s, Fremont Bank developed the “No Closing Cost” Loan Program which reduced the borrowers costs of refinancing their mortgage with fees refunded at closing. These fees were a direct result of changes in mortgage lending practices that involved title insurance policies, appraisals, escrow services, and other changes that effected mortgage lending. The “No Closing Cost” loan was charged at a slightly higher rate and sold in the secondary market at a price high enough to cover the closing costs and bank overhead while generating a profit for the bank.

 

Foreclosure Prevention Options

 

Today Fremont Bank offers a number of foreclosure prevention options.  Some of the more popular options are shown below:

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Repayment plan

Repays the delinquent amount over a specified and agreed upon period of time over and above the normal monthly payment. (Generally used in cases of temporary loss of income)
 

Forbearance

It’s a written agreement to reduce or suspend monthly payments for an agreed upon expiration of this time frame, the past due amounts will be paid in full or other alternatives will be pursued. This is generally offered when a temporary setback has occurred but a future resolution is imminent.

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Full Reinstatement

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By paying all payment amounts due including advances, payments, late fees, legal costs and other expenses, the loan is no longer delinquent

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Loan Modification

 

It changes one or more of the terms of the original loan agreement in order to affect a permanent cure of the delinquency. New documents are then obtained

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Delinquent Loan Refinance

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New financing

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Borrower Assistance Plan

 

If the loan has Private Mortgage Insurance, the insurance company may advance a portion or all of the delinquency on behalf of the borrower. Generally, this amount is repaid to the insurer by the borrower via a no-interest promissory note over a specified period of time. This option is usually made available when a temporary financial hardship exists

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Delinquent Loan Assumption

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With a loan assumption, a financially qualified buyer assumes the delinquent loan. Used when payments can no longer be made. You, as the original borrower may or may not be released from financial responsibility

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Pre-Foreclosure Sale or Short Payoff

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The sale of the property when the sales proceeds net is less than the amount owed because of a decline in property values. This option generally is pursued when no further payments can be paid and only when other options are exhausted

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Deed-in-Lieu of Foreclosure

 

The acceptance of a deed to avoid foreclosure. This final alternative to foreclosure is applicable when no further payments can be made, a serious effort has been made to sell the property at current market value, and none of the other options are feasible

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Keep Your Keys

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Keep Your Keys is highly experienced in helping homeowners stop foreclosure.   We have a thorough understanding of the products Fremont Bank offers as well as their internal processes to get them approved and completed.  With our 5 star reviews and exceptional customer service you would be hard pressed to find a better partner.   Leave your checkbook at home and contact us today for a no cost, no obligation, appointment to get started. 

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