the Power of the Internet, to Help Our Customers
This is a page on the web site of Cherokee
This page is still under construction.
to Avoid Foreclosure
Pay the Delinquency. Under most circumstances,
Cherokee will accept payment of the full delinquency (the "bring
current amount") and reinstate the loan. The delinquency may
include certain legal costs if you are already in foreclosure. We
require certified funds for reinstatement.
Forbearance / Repayment Schedule. The most common
way of resolving a loan default is to work out a plan which will
let you repay part of the delinquency each month, along with your
regular monthly installment. If you are temporarily unable to meet
your monthly mortgage obligation, Cherokee may extend forbearance
by agreeing to suspend payments or accept partial payments for a
limited period of time until you will be able to begin a repayment
schedule. We are not required to extend forbearance or to agree
to a specific repayment schedule; however, we will usually cooperate
if you can show the ability to resume payments on a specific date
in the near future. A written Forbearance Agreement is required.
Payment Assistance. Many State and local governments,
as well as private charitable organizations, have programs which
will pay all or part of your mortgage obligation for a fixed period
Reamortization. If your loan is reamortized, the
delinquency is added to the loan balance in order to bring your
payments up to date. This increases your loan amount and will also
increase your monthly payments. The amount of the payment increase
will not be as great if the life of your loan is extended at the
same time. Cherokee will consider such arrangements, but we are
not obligated to do so.
Sell the Property. If you do not believe you will
be able to reinstate your loan and cure the default, a private sale
of the property will enable you to meet your obligations and realize
any equity you may have accumulated. Most private sales would enable
you to pay your loan in full. You may sell the property to a buyer
who obtains his or her own financing, and pays off the Cherokee
If your property cannot be sold for an amount which is equal to
or greater than the amount owed, Cherokee may accept a "short
sale" for the difference in order to help you go through with
the sale. Compromise sales are approved if the sales contract meets
several criteria and results in a savings Cherokee over the costs
of foreclosure. If a "Short Sale" contract is accepted,
you may be released from all further liability, or you may, in some
instances, be asked to repay Cherokee, over time, for the loss.
In order to be considered for a "Short Sale", you must
submit a signed contract equal to fair market value. Any contract
should state the words "pending Cherokee approval of a Short
Sale." All closing costs should be reasonable and customary.
You should submit this contract along with the the appropriate forms
Deed In Lieu of Foreclosure. If you are unable
to cure the default, and a private sale does not appear realistic,
Cherokee will consider accepting a "Deed In Lieu of Foreclosure".
If there are no liens on the property, and Cherokee agrees to accept
a Deed In Lieu, you will have to sign legal papers transferring
ownership to Cherokee. If a Deed In Lieu is accepted, you may be
released from all further liability, or you may be asked to agree
to repay Cherokee for all or part of the deficiency. Please note
that Cherokee has the option of reporting "voluntary foreclosure"
on your credit report versus "foreclosure." We cannot
guarantee how future creditors will view this information.
To see a Glossary of Terms often used in the
real estate and real estate financing industry, please
Late Fees - Pay Online
As a service to our customers, Cherokee now accepts electronic payments.
Using the PayPal system, you may send money to us from any credit
card, or your PayPal account. For more information and to
make a payment, please click here.
Credit Release Forms + More
You can instantly download and print many of the forms necessary
to work with Cherokee by going to our "Download
Forms" web page. Please click here.
If you require immediate assistance, please contact us by telephone
at (732) 741-2000.
The web page resources that follow are not "Cherokee"
information. In an effort to provide the most current and
impartial information possible, we offer these "off site"
links to pages on the official web site of the United States Department
of Housing & Urban Development ("HUD").
to Avoid Foreclosure
This link will take you off the Cherokee Financial web site (in
a new browser window), to a page on the web site of the United States
Department of Housing & Urban Development ("HUD").
By clicking this
link, a new browser window should open.
link will take you off the Cherokee Financial web site (in a
new browser window), to a page on the web site of the United States
Department of Housing & Urban Development ("HUD")
page you will be taken to is a listing of HUD-approved housing
counseling agencies. HUD funds housing counseling agencies throughout
the country who can give you advice on, among other things, avoiding
Homeowners with problems that could result in default of their mortgage
or foreclosure on their property are urged to contact a HUD-approved
housing counseling agency immediately.
We make every effort to
maintain links to the most useful and relavent web pages.
However we can not, and do not, make any representation as to the
accuracy or reliability of any information contained on "off
site" links. By viewing this web site, you are agreeing
If you discover that any
of the links on this web site are "broken",
please let us know.
Thank you for your interest,
and for visiting this web site.
Cherokee Financial, LLC
We Make Non-Performers Work!
Address for Mail & Package Deliveries:
133 Maple Avenue
Red Bank, NJ 07701