Modification Plans

One solution is to add the past due amount into your existing loan, financing it over a long term. Modification might also be possible if you no longer have the ability to make payments at the former level.

Forbearance Plans

A forbearance plan is designed to bring payments current over a period of time by paying a full payment each month, plus a partial payment on the delinquent amount. The period of time during which foreclosure proceedings are stalled while possible solutions are being fulfilled.

Most lenders have a forbearance program. You must be diligent in requesting forbearance, speaking with a manager with authority to approve the plan is a must. Lenders sometimes combine Forbearance with Reinstatement if you know you'll have the funds to bring your account current by a specific date. In forbearance, you are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.

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