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Options Your Lender Can Offer

Special Forbearance

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.

Debt Forgiveness

This 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 your obligation.

Repayment Plan

This 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

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.  

Refinance

If you have sufficient equity and meet the lender's lending guidelines, this option will allow you to add back payments to your loan balance.  Partial Claim If you have a certain type of government loan, you might be able to apply for another loan to pay back missed payments.

Partial Claim

Your lend may be able to help you acquire a one-time payment from  the FHA-Insurance fund to bring your mortgage current.

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