1. Forebearance:
Your lender will allow you to delay making payments for a period of
time, but will add these payments back to your loan. They may be added
to the end of your loan, or with a separate payment plan.
2.Re-Amortization: Your
lender may add missed payments to your balance, and recalculate a
monthly payment taking into account the missed amounts. For example,
if you owe $200,000 on your mortgage, and you have missed $4000 in
payments, they may recalculate a new monthly payment based on $204,000
mortgage. This will increase your payments somewhat.
3. Re-Finance: Your lender may agree to change the terms of your loan in order to reduce your monthly payment.
4. Deed-in-Lieu of Foreclosure:
You give your lender will take title to the house and may agree to
waive a deficiency judgment against you. This is still recorded as a
foreclosure on your credit.
5. Foreclosure: Proceeding in which
the mortgage holder sells or repossesses your property.
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