These changes may include one of more of the following: adding the missed payments to the loan balance, reducing the interest rate or extending the term of your loan. Modification – if you are able to make some monthly payment but are unable to bring your loan current, a modification changes the terms of your loan permanently to make the monthly payments more affordable.If your payment problem is long-term or it is not likely that you will be able to bring your loan current at any time, other options may be appropriate including the following: Repayment plan – this is an agreement to resume making your regular monthly payments plus a portion of the past due amount each month until you bring your loan current.A forbearance plan may be combined with a reinstatement when you know that you will have enough funds to bring your loan current at a later date, such as a tax refund insurance settlement, or investment reaching maturity.

Forbearance plan – this allows you to reduce or suspend payments for a short time and then bring your loan current.Reinstatement – this is the payment of the total amount due in a lump sum by a specific date.If your payment difficulties are temporary, you may qualify for one of the following options: But if you cannot continue to make your monthly mortgage payments for reasons beyond your control, please contact us to discuss various alternatives to foreclosure depending on your specific circumstances. You should always keep your mortgage payments current if possible. LOSS MITIGATION AND EXPLORING ALTERNATIVES TO FORECLOSUREĭuring the course of home ownership, increased expenses or changes in your family income may make it difficult to pay your bills including your monthly mortgage payments.

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