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