We can walk you through all the options available to you.
Loan Modification
This option rarely provides long-term relief for borrowers. Instead, it typically just adjusts the loan terms for short-term relief. Although loan modifications were popular a few years ago, they now make up less than 5% of options for homeowners who owe more than their home’s value.
Forbearance
This option lets you temporarily pause or reduce your monthly payments to show your ability to pay. Usually, the unpaid amount during this period gets added to the end of your loan in some way.
Refinance
To use this option, you’ll need to have equity in your home.
Repayment Plan
This option lets you spread out missed payments over a longer period, helping you catch up on any overdue amounts.