Overview
If you are experiencing financial difficulties learn what your options are today.
Even if you are still current on your mortgage payments, but are concerned about falling behind in the near future, you should explore your options now. You might qualify for a program to modify your mortgage, which could lower your payments significantly. If you’ve already missed payments and are facing crippling late fees and mounting past-due balances, you might qualify for a short term or long term resolution to your financial hardship.
This option allows you to lease your home on a temporary basis. To do so you must turn over the ownership of your home to your lender (known as a Deed-in-Lieu of Foreclosure) who will then grant a release from your mortgage and payments. You can then sign a lease at a reduced rate and remain in the home as a tenant.
- Rectify mortgage delinquency and avoid foreclosure
- Continue to live in your home
- Rent at reasonable market rate for up to a year, possibly longer
- No security deposit necessary
- Relocation assistance when lease ends
- Fix your credit score quicker than foreclosure
- Buy another home in as little as 2 years as opposed to 7 years with foreclosure
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An agreement with your lender that allows you to change the payment, length or interest rate of your loan. You may qualify for the federal government’s Home Affordable Modification Program (HAMP) for struggling homeowners.
- Reduce monthly payments to a more manageable level
- Restore credit more quickly than a foreclosure
- Continue to live in your home
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An special agreement with your mortgage company to delay or reduce your mortgage payments and avoid foreclosure temporarily for a specific period of time.
- Buys you some time to stabilize finances
- Saves your credit from damaging effects of foreclosure
- Continue to live in your home
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An arrangement made with your mortgage holder which allows you to add the past due balance to your monthly mortgage payments for a specified period of time until your mortgage is current.
- Eliminate delinquency and catch up on late payments
- Avoiding credit damaging foreclosure
- Remain in your home
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A new mortgage with more manageable terms, payments and interest rates. You may be able to refinance even if you owe more on your property than it is worth, as part of the government’s Home Affordable Refinance Program (HARP).
- Lower payments with a reduced interest rate or adjusted terms of your current loan
- Does not negatively affect your credit
- Allows you to keep your home
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Options to Avoid Foreclosure
