Lender Programs to Help You Keep Your Home

Posted on November 27 By MLP Lending Guide

If you run into unexpected hardships and are unable to make a mortgage payment, the first thing you should do is to contact your lender. They want to help you get caught up with your loan payments and have various programs to help.

Some of the ways in which you can make up back mortgage payments include:

Forbearance- this is when your lender is willing to let you have a little time off from payments in order to get caught up financially. This is usually a good option if you lost a job and need time to start working at another place where you will have to wait for your first paycheck while catching up on other bills as well. Once you get back on track you can make your back payments or make a payment plan to bring your loan current.

Payment plan- this is when your lender allows you to pay a little extra each month until the missed payments are paid. You have to set this up directly with the lender.

Reinstatement- this is when you agree to pay back the entire amount that you own at a specific time. This works well if you are able to make your current payments, and are expecting a lump sum of money in the near future like a commission bonus from work or a large tax return.

Insurance- if you have insurance on the loan that covers you in the case of loss of employment, illness, or death, then make a claim.

The FHA has a partial claim service. This allows borrowers to take a one time loan without interest that will repay their missed mortgage payments. This loan will not have to be repaid for years, and that gives the borrower time to save the money and increase their work wages over time so that they can afford to pay back the loan.

Change the terms of the loan. Sometimes lenders are willing to lower interest rates, or extend the time of the loan in order to give the borrower the extra money they need to afford their monthly payment.

All of these are ways in which a borrower can keep their home, get out of default, avoid foreclosure, and repay their back mortgage payments. For more information on the FHA and help avoiding foreclosure talk to us.

This entry is filed under Fha loans . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
National Mortgage Rates National Refinance Rates
3.15%
Compare Local Rates

7 Responses to "Lender Programs to Help You Keep Your Home"
  1. moncler 17, Oct, 2011

    I must verbalize that haven't reviewed something so exciting shortly. There are lots of motivating ideas and opinions. I suppose that you simply absolutely discovered an vital fact we agreed to your feed to stay well-versed.

      Reply»  
  2. Swinger Parties 13, Sep, 2011

    Making a Great personal ad - Show who you truly are - Should you have a great sense of humour, do not just tell people that you are funny prove it inside your ad. Be realistic. Most people don't appear like film stars, most of whom do not appear so good in real life either. So manage your expectations on what the individual you will meet on the web is going to appear like.

      Reply»  
  3. Deadra Aultman 13, Sep, 2011

    For the best personal ad - Add a voice message - Many dating web sites now allow you to upload a voice message. Your voice and manner of speech say a lot about you and there possibly an individual available who will fall instantly for you, when they hear your lovely tones.

      Reply»  
  4. 雩�諮� 11, Mar, 2011

    I have been trying to find this info. Just so you know I established your blog when I had looking for weblogs like my own,my blog someday and post me a ideas to let me know what you think!2

      Reply»  
  5. Huslån 31, Jan, 2011

    Great post about home loans,I like your blog a lot

      Reply»  
  6. georgiia 08, Mar, 2010

    Can a person have a fha loan and get a con. loan? Can a person rent out the fha? How long does a person have to live in the fha loan home before buying a conven. loan home?

      Reply»  
  7. home shows 25, Aug, 2009

    i love this blog.. thanks for sharing..

      Reply»  

Leave a Comment
 
 
 
Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation
  • FHA Loan Orientation Guide
  • FHA Loan Orientation Guide

    Use our FHA Guide to find answers to all questions related to FHA loan.

    Click here to Download

Compare Mortgage Rates