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My Financial Situation Is Long Term and Permanent

My Financial Situation Is Long Term and Permanent

If you are having trouble paying your mortgage and believe it will take years to recover financially, explore these options with a housing counselor or your mortgage company:

Mortgage modification

A modification is any change to the terms of your mortgage loan, including changes to the interest rate, loan balance or loan term.

Short Sale

A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance. Consider this option if you can no longer afford your home.

Deed-in-Lieu of Foreclosure

With a Deed-in-Lieu of Foreclosure (DIL), you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.

Prepare what you'll need ›


Last Updated: 12/30/2016 13:23

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