BEHIND ON YOUR MORTGAGE PAYMENTS?

YOUR MORTGAGE LENDER SHOULD HAVE RESOURCES
TO WORKOUT YOUR MORTGAGE!

  • Forbearance

    As a homeowner, your lender may let you make a partial payment, or skip a payment! Typically, if you have a reasonable plan in catching up on your mortgage, your lender should be willing to work with you!

  • Reinstatement

                Reinstatement is defined as making a payment that pays for your late payments and charges.

  • Repayment Plan

    If the homeowner can not pay all their back payments upfront, a Repayment Plan is likely to be a fair plan and allow an additional amount to be paid on a monthly basis.

  • Loan Modification

               Your lender may allow an amended mortgage to help avoid foreclosure.  These options include:

                A.    Adding all missed payments to the loan amount.
                B.    Adding years on to the loan, lowering the interest rate, or forgiving part of the loan to lower monthly payment.
                C.    Switching from an adjustable rate mortgage to a fixed rate mortgage.

  • Sign Over the Deed in Exchange for Debt Forgiveness

    This will likely hurt the homeowner's credit, but, is better than facing a foreclosure.