If you want to keep your home and believe that, with a little assistance from your lender, you will be able to remain current on your mortgage in the future, you have a couple options. Either a Forbearance Agreement or a Loan Modification could provide you with the assistance you need from the mortgage holder so you can keep your home.
Forbearance Agreement
A forbearance agreement works best for those who have experienced a temporary financial setback. In most cases a forbearance agreement provides assistance to a homeowner to help the homeowner get back on his feet.
Frequently a lender will hold payments down for a short period of time or add delinquent payments to the balance of the mortgage to be paid later.
Loan Modification
A loan modification is used when a borrower can’t handle a payment, or a payment adjustment, but with a modification to the loan could continue to make payments regularly.
Most times, to work effectively, a loan modification needs to give the homeowner help for an extended period of time.
To learn more about Forbearance Agreements and Loan Modifications
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