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If your problem is temporary, one of the following options may work for you: Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary. Repayment plan: Your servicer gives you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment. This option may be appropriate if you’ve missed only a small number of payments. Forbearance: Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current. Forbearance may be an option if your income is reduced temporarily (for example, you are on disability leave from a job, and you expect to go back to your full time position shortly). Forbearance isn’t going to help you if you’re in a home you can’t afford.
If it appears that your situation is long-term or permanent your options may include: Loan modification: You and your loan servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications can include lowering the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A loan modification may be necessary if you are facing a long-term reduction in your income. Unfortunately homeowners that try to work directly with their lender have a failure rate of over 80%. Our experience within the loss mitigation departments of major mortgage companies and servicers gives you the advantage needed to secure a plan you can live with.  Creekside Lending, Inc - 3201 W. Commercial Blvd. Suite 212 - Ft. Lauderdale, FL 33309 Office Phone: (954) 717-4441 Fax: (954) 717-4432 Toll Free Phone: (877) 430-1191 :: Apply Now :: Loan Programs :: Refinance :: Debt Consolidation :: Need Cash? :: Home Equity Loan :: Purchasing :: Pre-Qualify :: Zero Down :: Imperfect Credit? :: Loan Process :: Glossary :: Library :: FAQ :: Forms :: Calculators :: We Can Help :: Programs :: News :: Foreclosure Timeline :: Florida Foreclosure Laws :: Loss Mitigation Glossary :: Contact Us :: About Us :: Tell-A-Friend :: Sweepstakes :: Submit Testimonial ::
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