Housing Counseling
A housing counselor can guide you on the necessary documents to provide your mortgage provider and may even contact them on your behalf. Seeking housing counseling is an important starting point if you’re facing foreclosure.
Mortgage Forbearance
If you’re facing financial hardship, you may be able to temporarily pause or reduce your mortgage payments for a predetermined period through forbearance agreements. The terms of these agreements depend on several factors, such as your loan type, loan provider, and investor requirements.
Mortgage Modification
A mortgage modification can provide relief by adjusting the terms of your loan to make your payments more affordable. Modification options include:
- Adding past-due amounts to your outstanding loan
- Extending your repayment term
- Reducing your interest rate or principal balance
Home Sale
Selling your home can be costly and a substantial burden if you’re facing financial hardship. Selling expenses may include:
- Closing costs
- Repairs
- Utilities
- Taxes, and more
Before deciding to sell, it’s important to ensure you have enough funds available for those unexpected selling expenses.
Short Sale
A short sale allows homeowners who owe more than their home’s value to sell it for less, aiming to reimburse the mortgage lender of the outstanding mortgage. Contact your lender to determine eligibility for a short sale.
Foreclosure
Failing to pay your mortgage for an extended period can lead to foreclosure – the lender’s ultimate recourse. This ultimately entails them reclaiming ownership of your home, resulting in you losing your home and any equity you had accrued.
Talk to one of our specialists today, and we will provide the best missed mortgage payment solution for you.