Credit Suisse must provide consumer relief to homeowners who are struggling to make their mortgage payments or who owe more than their homes are worth.
Credit Suisse has agreed to modify residential mortgage loans through principal forgiveness (meaning that the borrower does not have to pay back the full amount of the loan) and principal forbearance (meaning that a portion of the amount the borrower has to pay back is delayed until the end of the loan). Credit Suisse may also erase second lien residential mortgage loans and unsecured mortgage debt.
You Should Know
Right now, Credit Suisse is only providing relief to homeowners whose loans are serviced by Credit Suisse’s affiliate company, Select Portfolio Servicing, Inc., commonly known as SPS.
Credit Suisse has prepared a short, easy-to-read document to explain the types of relief available under the settlement – which for your convenience is available in:
Eligible for Relief?
If your mortgage loan is serviced by SPS and you want to know if you’re eligible for relief, you can contact SPS by phone:
Even if your loan is not serviced by SPS, your mortgage servicer may offer similar forms of relief. Contact your servicer to find out what options are available to you.
Beware of Potential Fraud
There have been reports of scammers trying to take advantage of homeowners seeking relief under similar settlements. These people may pose as representatives of the banks and servicers offering relief in an attempt to get personal information such as bank account numbers or social security numbers. Homeowners should exercise caution before sharing any personal information with anyone who claims to represent Credit Suisse or SPS.
If you suspect a scam or fraud, you can reach out to the Attorney General in your state, whose contact information you can find on the Resources page.