There are many options available if you choose to stay in your home. For example, we may be able to modify the terms of your loan, potentially reducing your interest rate and thus your payment amount.
Temporarily reduce or suspend your payments, which lets you catch up with your mortgage payments. This must be immediately followed by either a repayment plan or modification. This gives you time to address your financial difficulties and can be less damaging to your credit score than foreclosure.
Get back on track by spreading out your past due balance over several payments in addition to making your regular payments. This is a temporary arrangement that can be less damaging to your credit score than foreclosure.
Change the terms of your mortgage permanently to make it more affordable, including changes to the interest rate, loan balance, or loan term and bring the loan current.
Whether your financial difficulties are short- or long-term, you should start exploring your options today. Even if you haven’t yet missed a mortgage payment but are worried you might fall behind soon, now’s the time to take action.
This state-sponsored, federally funded program provides money to help homeowners who are behind in their mortgage payments due to unemployment, underemployment, or other financial hardship. Not available in all states. Click here for a list of states offering assistance.