Wednesday, July 15, 2009
Temporary solutions for short-term financial problems:
Long-term solutions or adjustments to your loan:
For more information Protecting Home Foreclosure visit stop foreclosure.
- Reinstatement: Lenders are regularly willing to "reinstate" your loan if you make up the back payments in a lump sum by a specific date. A forbearance plan may accompany this option.
- Forbearance: Your lender may be able to provide a temporary reduction or suspension of your mortgage payments for a little period, such as 3 or 4 months. After this time, your lender will work with you to create a repayment plan for the loan. You may qualify for forbearance if you have experienced a reduction in income (for example, if you have become unemployed) or an increase in living expenses (for example, higher medical bills). You must give information to your lender to show that you will be able to join with the new payment plan.
- Repayment plan: Your lender may agree to a plan that includes your standard monthly payments plus a portion of the past due payments each month until your payments are caught up.
Long-term solutions or adjustments to your loan:
- Home loan modifications: Your lender may be willing to rewrite the conditions of your original mortgage loan to address your financial situation. A loan modification is designed to make your monthly payments affordable. Changes to your loan may include extending the number of years to repay and changing the interest rate, including changing a changeable rate to a fixed rate. You may have to pay a processing fee to obtain a loan modification.
- Partial claim: If your mortgage is insured by a private mortgage insurance firm, your lender power helps you file a claim. Some insurers provide a one-time, interest-free loan to bring your account up to date. The interest-free loan is due when you refinance, pay off your mortgage, or when you sell the property.
For more information Protecting Home Foreclosure visit stop foreclosure.
posted by nisha
@ 5:59 AM
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