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Health & Fitness

Options For Mortgage Problems

Option

Forbearance

Description

Delay or reduce payments until you can bring your mortgage current.

Benefits

Helps you get your finances back on track without the worry of losing your home. A good option if your situation is temporary.

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Option

Repayment Plan

Description

Distribute your delinquent payments over a period of time (usually no more than 6 months) to bring your mortgage current. You pay your normal monthly payment plus an additional portion of the past due amount.

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Benefits

Gets your mortgage current within a defined time-frame without damaging your credit.

Option

Modification

Description

Modify the terms of your current mortgage adding a portion of the past due amount to your unpaid principal balance.

Benefits

Allows you to stay in your home with terms/payments that meet your current financial needs.

Option

Short Sale

Description

Market and sell your home to pay off your mortgage.

Benefits

Avoids the foreclosure process and minimizes the effects on your credit.

Option

Deed-in-Lieu

Description

Transfer your property to Mortgage Company if you have not been able to sell your house at fair market value for at least 90 days.

Benefits

Avoids the foreclosure process and can be less damaging to your credit rating.

 

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