For the last year or more the only option people with mortgage problems heard about was<strong> Mortgage Modifications
Unfortunately, many people have been taken advantage of, or just plain ripped off; most were led to believe that “modifications” were their only option. If you are having problems making your mortgage payment you do have options. These options may include or be variations on:
- Refinancing (Obtain a new loan).
- Forebearance. (Usually a short term, less than 6 month break to catch up).
- Recasting (Reamortizing Loan Balance over remainging loan term).
- Hope Now (Very limited Government Program).
- Modification (Change loan terms without a new loan.)
- Bank Programs (usually not true modifications)</li><li>Government Programs, i.e.,
- Short Sale –A short sale is where a lender agrees to accept the proceeds of a sale as full satisfaction in lieu of your complete obligation.
Only you and a qualified professional can determine what your options are.