Lenders might agree to
wait before taking legal action against you and let you work out a
suitable repayment plan, based on your financial situation, giving you time to make up missed payments.
rarely happens. With this option, you establish a way to be current
after missing a payment so that the lender gives you a break and waives
will allow you to spread out the missed payments over a longer term.
You will add a certain amount to your monthly payment for a period of
time until you are caught up.
Mortgage modification means changing the terms of your loan. If your mortgage is
an adjustable loan, the lender might change the interest rate to a more
manageable rate, lowering monthly payments, or he might freeze the interest rate before it
increase. He can also extend the amortization period.
you have sufficient equity and meet the lender's lending guidelines,
this option will allow you to add back payments to your loan balance.
If you have a certain type of government loan, you might be able to apply for another loan to pay back missed payments.
Your lend may be able to help you acquire a one-time payment from the FHA-Insurance fund to bring your mortgage current.