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Mortgage loan workout solutions to explore.

If you determine that you are not able to make your mortgage payments going forward, you may be eligible for a loan workout option. You need to check with your lender to see what options they have that can provide this type of help.

If your problem is just temporary, you should call your lender to go over these possibilities

  • Reinstatement: Your bank or mortgage lender is always willing to talk about accepting the total amount that is owed in a lump sum by a specific date. That payment date will often be sometime in the future. Forbearance may accompany this option.
  • Forbearance: This is when your lender may agree to allow you to suspend or reduce your mortgage payments for a short period of time. They then may agree to provide you with others form of help at the sane time using other options at their disposal to bring your loan current. A forbearance option is usually provided with a reinstatement if you know you will have the funds to bring the loan current at a specific, future time. As an example, the money might come from an income tax refund, insurance settlement, hiring bonus, or investment that will be sold.
  • Repayment plan: The lender may provide an agreement in which you resume paying your regular monthly mortgage bills, plus a portion of the past due amounts each month. This will be in the form of a payment plan created by the lender, and it will last until you are caught up with your bill.

If your situation is permanent or long-term, and it will affect your ability to bring your mortgage current - you need to call your lender to discuss options

  • Mortgage modification: If you can make some type of payment on your mortgage, but just don't have enough money to bring your account fully current or if you can't afford your current monthly payment going forward, your lender may still provide help. This will often be in the form of a loan modification. They may be able to change the terms of your existing mortgage to help make your payments more affordable. Your loan could be changed in one or more of the following ways:





    • They can add the missed payments to your existing loan balance.
    • You can get a change in your interest rate, which can include turning an adjustable rate into a fixed rate. A lower interest rate will reduce your monthly payment.
    • Extending the length of your loan and therefore the number of years you have to repay.
  • Partial Claim: If your mortgage is insured, which most are, your lender may help you get a one-time interest-free loan, which comes from your mortgage guarantor. This can help bring your account current. You also may be allowed to wait several years before you start paying this new loan. You can qualify for an FHA partial claim if:
    • Your mortgage is between 4 and 12 months delinquent.
    • At some time in the future, you will be able to begin making full mortgage payments again.
  • Mediation: Foreclosure and mortgage mediation programs are becoming more widespread, and are yet another option that people should explore for assistance. Click here to learn if this is an option for you in your part of the country.
  • Foreclosure process: It is always wise to understand the foreclosure process, the timeframe you have to resolve issues, and the implications of missing payments. Learn more on the process.
  • Programs from your lender. Many banks and lenders, such as Bank of America, have extensive lists of mortgage and foreclosure prevention programs.
  • Counseling is available from non-profit credit counseling agencies as well as HUD certified housing organizations. While each agency will offer their own services, oftentimes a counselor can work directly with your mortgage lender on your behalf.

You bank may also be able to direct you to government programs. One of them will involve your lender filing a partial claim, and in this case HUD will then pay your lender the amount necessary to bring your loan  current. You must then sign a promissory note, and a lien will be placed on your house or property until the agreement is paid off in full. The promissory note will be interest-free, so that helps with lower payments, and the note is due when you sell the property or you pay off the first mortgage.



By Jon McNamara

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