It may be possible to modify your mortgage contract to capitalize your past-due amounts and perhaps reduce your monthly payment. This could be accomplished by extending the loan term, lowering the interest rate and/or if you qualify, a principal reduction.
Mortgage Insurance Claim
We may be able to work with you to obtain a one-time loan from the mortgage insurance fund to bring your mortgage current. You would then have the ability to pay back this loan to the insurance company over an agreed upon period of time.
Short Sale or Pre-Foreclosure Sale
This allows you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure.
Deed-In-Lieu of Foreclosure
As a last resort, you may be able to voluntarily transfer ownership of your property to the lender. You won't be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure.
Help for Past-Due Borrowers
If you know your payment is going to be past-due, please contact us immediately. Communication is critical to protect your home and your credit.