Ways your loan can be modified

What terms a lender will agree to will largely depend on your ability to pay and what would make the most economical sense for both parties.

• Adding the delinquent balance to the loan. Rather than require payment up front, the lender may choose to add the balance owed to the new loan terms ensuring you will eventually pay it back.

• Reduce the interest rate. You’ll need to prove that a rate reduction can positively affect your situation and allow you to resume making timely payments.

• Extending the years due. By adding years to the loan, the lender is able to reduce the monthly payment knowing that they will recover the amount later on.

• Reduce the balance owed. Under some circumstances, the lender may elect to reduce the balance of the loan. To do so, they’ll want to be absolutely sure you will be able to make the new payments.

Forbearance Agreement

Forbearance is the postponement of loan payments, granted by the lender for a temporary period of time. Based on our review of your unique circumstances, we will create a realistic and mutually beneficial agreement between you and your lender. This agreement will give you more time to get your mortgage current and include your normal monthly living expenses. This win-win agreement is a perfect solution as both you and your lender are satisfied; you keep your home and can again start living comfortably.

"Deed-In-Lieu"

A Deed-in-Lieu of Foreclosure is a voluntary transfer of ownership of your home to the lender that releases you from most or all of the personal indebtedness associated with the defaulted loan. If you cannot afford to keep your home and your home cannot be sold, then we will work with your lender to ensure you have the best success at achieving this option. Although it is a negative strike on your credit rating and will not save your home, it is less harmful than a mortgage foreclosure and will help your chances of getting another mortgage loan in the future.