Do you have options? Of course you do, but, like most of us we do not know where to go or who to go too. Before you just give up your home, check with your current lender and ask them about the following options,
- Forbearance Option: Ask your lender to reduce or suspend payments until your able to bring your loan current. Key factor here is too be specific of the future repayment date. Also provide possible evidence of where the money may come from. Will the money be obtained from a tax refund, investment or insurance settlement.
- Reinstatement Option: If your behind on your monthly payments your lender may agree to accept a lump sum by negotiating a specific due date. Your lender may also combine this option with a forbearance option as well.
· Repayment Plan:Inquire about a regular monthly repayment option.
For more information please visit http://www.hud.gov/offices/hsg/sfh/econ/loanworkoutsolutions.cfm