If your loan is in default, there may be options available to you depending upon whether you are eligible, and whether you meet the requirements set forth for each option by your lender/servicer:
Possible options if you want to try to keep your home:
- Reinstatement:
Payment of all amounts past-due at one time; This brings the loan current, and you continue making your regular monthly payment.
- Forbearance Agreement:
Allows payment to remain delinquent for a reasonable period of time, then a schedule of payments is determined, which results in the loan being brought current over a designated period of time.
- Repayment Plan:
A schedule of increased monthly payments paid until the loan is brought current over a designated period of time.
- Loan Modification:
Offers a change in one or more terms of the original loan in order to make the monthly payments reasonably affordable.
