Forbearance. You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current. Reinstatement. When you are behind in your payments but can promise a lump sum to bring payments current by a specific date. A Repayment Plan. If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to each current monthly payment until your account is current. Modifying Your Mortgage. The lender can modify your mortgage to extend the length of your loan (or take other steps to reduce your payments). One solution is to add the past due amount into your existing loan, financing it over a long term. Selling Your Home. If catching up on payments is not possible, the lender might agree to put foreclosure on hold to give you some time to attempt to sell your home. Property Give-Back. The lender can allow you to give-back your property – and then forgive the debt. Give-backs do, however, have a negative impact on your credit record, although not as much as a foreclosure. The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home. For immediate help and guidance, call 1-888-995-HOPE. < Back