Your application will be evaluated for all options available for your loan type. Here are some common assistance options that may be available, depending on your investor:
Mortgage refinance: By refinancing your mortgage, you may be able to replace your current loan with a new loan featuring a lower interest rate, a fixed-interest rate to help with longer-term financial stability, a lower monthly payment, or a shorter term to pay off your loan faster.
Mortgage repayment: Mortgage Repayment distributes your late payments over a certain period during which a portion of the late amount you owe is added to your regular monthly mortgage payment. This option brings your account up to date within a specified timeframe. And with a goal in sight, you can move forward knowing your mortgage loan is secure.
Loan modification: A loan modification makes a permanent change in one or more of the terms of your mortgage loan, allowing the loan to be reinstated to a “current” status, so you can get a fresh start on managing your mortgage loan, bring your account up to date, and possibly even lower your monthly payments.
With a loan modification, past due interest and escrow may be added to the unpaid principal balance and re-amortized for the remaining loan life.