Mortgage Modification
A lot of people are experiencing financial hardship due to a variety of factors, and we hope you aren’t one of them. If your homeowner status is at risk, you may want to consider talking to your lender about the following measures.
1. Reinstatement:
Paying back the additional debt you incurred during a forbearance in one lump sum will result in a reinstatement of your original mortgage loan terms. This is the fastest form of forbearance repayment. The other option you can discuss with your lender is a repayment plan.
2. Repayment Plan:
With repayment plans, lenders allow borrowers to gradually pay back any debt incurred during a forbearance period by increasing the borrower’s monthly payments until the additional debt has been repaid.
3. Loan Modification:
If the previous options won’t work for you, your lender may be willing to amend your mortgage in another way. The Consumer Financial Protection Bureau has more information on various loan modification options.
While renegotiating your mortgage loan with your lender may sound daunting, it’s important to act quickly to keep missed payments from getting out of hand. If you need a little confidence boost before making the call, reach out to me at any time! I’m always here to help.
Have questions?
Make an appointment with a Keller Williams Pasadena Real Estate Agent.
Written by Keller Williams International. Photo by Unsplash
Classic - Mortgage Modification
