Difficulty: Moderately Challenging
Step1
Foreclosures more than doubled this past year thanks to the subprime crisis, and things may get worse before they get better.
Facing foreclosure many people are paralyzed by fear, but if you're having trouble meeting your mortgage payment obligations, here are some alternatives for you to consider:
Step2
REPAYMENT PLANS: If you haven't missed many payments, ask your lender if you can pay just the interest only or just the principal or pay the late payments bit by bit.
REINSTATMENT: If you're having a temporary shortfall of cash, you lender may offer you a certain amount of time to pay off that past due amount.
Step3
FOREBEARANCE: If you lost your job or are unable to make any payments, your lender may suspend payments for a certain amount of time to help you out.
LOAN MODIFICATION: Your lender may agree to modify or change the terms of your loan (increase the pay-off date or reduce the interest rate.) For info and options, visit: www.housinghelpnow.org
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