Many borrowers are unaware that lenders have the ability to determine and designate when borrowers reach a state of what is known as “Imminent Default”. This is when a borrower is more than likely to default on a mortgage loan agreement.
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Mortgage forbearance is a payment relief option offered in many mortgage modification programs that involves the temporary delay or suspension of monthly mortgage payments for an agreed upon amount of time. In some cases, it can be a temporary reduction of the loan’s principal amount.
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If you’re feeling the heat from paying a high interest rate on your mortgage, you might be considering refinancing your home. However, consider this: refinancing usually requires a ton of paperwork, a lot of time, and a whole new set of closing costs.
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If you’ve fallen behind on your mortgage payments -- or you think you’re about to, you could be in a sticky situation. You want to keep your home and avoid defaulting (or contributing to default) on your mortgage, but you’re not sure what to do. One potential solution may be a loan modification program, in which your lender amends the terms of your home loan in order to make it easier for you to pay them back.
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