When your Mortgage/Servicing Company receives your Financial Package they will be reviewing it to figure out what is currently available for your situation. There are many options out there to help Borrowers in their current in their current situation. Don’t forget you are not alone and you have help out there, you just have to find it and move forward to better your situation. This are some of our programs available:

Forebearance:
This particular option is not a Loan Modification this is just a way the Mortgage/Servicing Company may try and get their money back without losing any of their money. The Mortgage/Servicing Company may be able to suspend or reduce your mortgage payment for a short period of time. In most cases, all of your Default monies will just be added to the front of your Ending Balance and you must repay this amount before you’re considered on time with you Mortgage payment.

Repayment Plan:
This type of plan can be construed as Forbearance and/or a Loan Modification; this will depend on how it is structured. In qualifying for this program the Mortgage/Servicing Company will look for certain situations such as recent temporary reductions in income or increase in living expenses. Repayment plans allow to replay the past due amount over an extended periods of time (Contractually binding you to pay back Defaulted amount as well as keeping current with your obligated Mortgage payments).

Loan Modification:
A Loan Modification involves changing one or more terms of a mortgage in order to help your bring a defaulted loan current a prevent foreclosure. (This type of Loan options may consist of the actual changing and/or reworking of your existing Note). In this type of program the Mortgage/Serving Company may discuss options and eligibility after the reviewing a of your Financial Statement, documents, and/or overall situation you are in and your ability to comply with the option given to you.

Pre-Foreclosure/Short Sale:
This particular program would allow you to sell your property and pay off your mortgage loan to avoid Foreclosure and minimize the damage to your credit rating. If you sell your home at market value and the value is less than the total owned the Mortgage/Serving Company may agree to “forgive” a portion in not all of the remaining balance owed on your Mortgage loan. Taking this type of action most likely will not save your home (Keeping you in the home), but it may help your future ability to qualify for another home purchase in the future.

Deed in Lieu of Foreclosure:
When making a decision of this type you must consider this as a last resort. You may be able to voluntarily give your property back to the Mortgage/Servicing Company to reduce or cancel your mortgage debt. Taking this action will most likely not keep you in the property, but it may help you in the ability to qualify for another mortgage loan for future purchasing of your next home. THIS WOULD BE AS A LAST RESORT.