Workout options vary from lender to lender depending on the type of mortgage, your credit history, etc. Contact your lender for more information.
Alternatives to Foreclosure
Reinstatement. Reinstatement is when you are behind in your mortgage payments but you can make a lump sum payment to catch up on your overdue mortgage payments by a specific date (including any late fees or attorney fees). Some consumers borrow funds from family or friends to make these payments. A reinstatement is often combined with forbearance.
Forbearance. A forbearance agreement allows you to pay less than the full amount of your mortgage payment, or pay nothing at all, for a short period, with the understanding that another option will be used afterwards to bring the account current. This type of agreement may be used if your financial problems are short-term and you will be able to pay off the missed payments within a specific time in the future. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
Repayment Plan. If your mortgage is past due, but you can now afford to make payments, the lender may agree to let you catch up by setting up a schedule of repayments over six to 12 months. By adding a portion of the overdue amount on top of each monthly payment, you can bring your account current.
Loan Modification. The lender may be willing to modify or restructure your mortgage. Common loan modifications include adding missed payments to the existing loan balance, making an adjustable-rate mortgage into a fixed-rate mortgage, and extending the number of years you have to repay.
Refinancing. If you have enough equity in your home, you may want to try refinancing your home. The new mortgage could pay off the old loan along with any late fees and attorney fees. Be aware that if your credit history is poor, you may be forced to pay a higher interest rate or a higher monthly payment for the new mortgage.
http://www.hereiaminc.com/
