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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