Trouble Making the Payments?


If you are having difficulty making your mortgage payments you may feel as if there are little or no options.  It is a strain both financially and emotionally.  Trying to work through a hard time with your home and the uncertainty of where you and your family will be living in the future can be overwhelming. 

It is important that you take action.  The situation typically will not resolve itself and the sooner you can get some answers the better you will feel.  Call your lender, mortgage company or bank and let them know that you have a hardship which can include:  illness, relocation, reduced income, divorce, death, payment increase or mortgage adjustment, job loss, business failure, mortgage fraud and so many more. 

Once you have opened the lines of communication you will be able to ask questions to find out what options there are for you and an outline of what or how they work. 

Some Mortgage Loan Workout Options include:

  • Forbearance
  • Reinstatement
  • Repayment plans
  • Loan Modification

Other options include:

  • Refinance
  • Deed in lieu of foreclosure
  • Short sale
  • Foreclosure

These terms may make you feel uneasy or unqualified to deal with the lender.  It is advisable that you seek legal, financial and tax advice from qualified professionals.  Contacting more than one source is also a good idea.  You are looking for the full picture of your liability and the possible outcomes of each option.

It will take some effort.  You will have to contact the lender more than once.  It is also a good idea to do some research or reading so that you are familiar with the alternatives and more comfortable in your conversations.  Below are some sites that can provide additional details.

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