Hardest Hit Fund (HHF) available in 18 states, meant to help struggling homeowners. There are also special loan modification programs for VA and Federal Housing Administration (FHA) loans, as well as bank programs. To qualify for a loan modification, you must prove that you’ve suffered a financial hardship and can no longer continue with your current loan payments. This means you provide your lender with supporting documents, such as paychecks, tax returns, and bank statements. You will then go through a trial period to prove that you can afford to make the new, lower payments. To apply for a loan modification, get in touch with your lender’s loss mitigation department or what is also known as the “home retention department.” Check out the Making Home Affordable (MHA) website for details on everything you need to apply for a loan modification.
REINSTATEMENT
You can halt a foreclosure — and get your mortgage back on track — if you can make a single payment to pay off your delinquent amount. As soon as you are all paid up to the point where you should be, you can resume your old mortgage payment schedule and get on with your life. Keep in mind that this amount will not only be the sum of delinquent payments — it must include any fees and other expenses you have incurred because you were late. To make sure you pay everything necessary, you must contact whoever is servicing your mortgage account to receive a quote for the amount needed to cure your default. The quote will be valid through a specific payoff date. Once you have that deadline, don’t wait until the last minute to pay.
You’ll be expected to pay not only the back payments you owe
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