Can't Make your Mortgage Payments? - 3 Options You Have!

April 16, 2015 - PRLog -- Facts First : Over 80% Homeowners in Calfornia are today facing financial hardship with their mortgage. So you are in the same boat as most other homeowners.

SOLUTIONS:

So what is that you can do when you fall behind on your mortgage payment?

Below are the programs that work for most homeowners allowing them to keep the homeownership.

(1) Repayment Plan :

This plan requires homeowners to pay higher payment than their existing mortgage payment for a set period of time while the loan is brought current.

For Example :Your mortgage payment is $1,000 and you are 3 months behind. Hence you are $3000 behind PLUS any late charges they may apply. The lender may agree to accepting $1,200 as monthly payment till the arrears are coverd, then your payments will drop to the original $,1000.

Pros of Repayment Plan : Helps homeowners with temporary hardship.

Cons of Repayment Plan : Your payments still stay the same and are not lowered. If you have a long lasting hardship or permanent decrease in income or increase in expenses, this option may not work for you.

(2) Forebarence Plan :

Some lenders/banks allow charging low payments or no payments at all for a certain period of time. On completion of that period, homeowners pay a increased mortgage payment or a ballon payment for that unpaid amount at the end of the loan.

Pros of Forebarence Plan : Gives you temporary cution and lets you use your money you pay on your mortgage on other important business.

Cons of Forebarence Plan : After the forebarence plan, the homeowners either pay an increased monthly payment or have to come up with a ballon payment at the end. If you cannot afford an increased payment after your forebarence, this plan may not work for you.

(3) Loan Modification Plan :

Probably one of the best options when you are behind on mortgage or have past due mortgage payments is loan modification plan.

A loan modification is permanent reduction in your mortgage rate and payments. In most cases, the past due amount with any late fees or charges is added at the end of the loan either increasing the balance or the term.

Pros of a Loan Modification Plan : Homeowners are brought current and get a lower and affordable mortgage payment.

Cons of a Loan Modification Plan : You might pay the mortgage for a few extra months or years (depending on how much you were behind at the time of modification).

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To Apply for a Loan Modification Plan when Past Due on Mortgage Payments

Start Online at : http://www.californialoanmodificationexpert.com

We are Online, Chat with Us Now : http://www.californialoanmodificationexpert.com

Or Call Toll Free Helpline : 1(877)466.1211

Best Regards,

Michael Cardone

National Home Loans