Keeping Your Home - Your Options

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If you are having trouble making your mortgage payments but wish to keep your home there are answers.  Don't ignore the problem.  The further behind you get, the harder it is to work out a solution.  Contact your lender as soon as possible.  Lenders have set up programs to help fix bad loans and slow foreclosures - these are called Loan Workout Programs.  Here are a few options.

Forebearance:

An agreement to reduce or suspend payment for a short period of time.

Loan Modification:

An agreement to change the terms of the original loan to make the payments more affordable.  For example, missed payments can be added to the existing loan balance, the interest rate may be modified or the loan term extended.  Find out if your loan is owned by Freddie Mac or Fannie Mae by clicking these links:

Claim Advance / Partial Claim:

If the loan is insured, the home owner may qualify for an interest-free loan from the mortgage guarantor to bring the account current.  If so, the home owner will be required to sign a promissory note and a lien will be recorded against the home until the loan is paid in full.

What should you do if your lender won't work with you or you need assistance?  There are a few agencies (click here to view HUD recommended counselors) that may be able to assist you in negotiating with your lender.

If your lender will not work with you to help you save your home, please act quickly to begin the short sale process while that is still an option.

Avoid Foreclosure Prevention Scams

Some companies promising to help charge exorbitant fees.  Reputable assistance can be obtained from the resources listed on this page.  Beware of offers to repay the loan or sell the property if the homeowner signs over the deed or loan assumptions where the owner is not released from liability.  If it sounds too good to be true, it probably is.  Please refer to this Idaho Department of Finance News Release for more information.

Reinstatement:

Paying the total amount owed in a lump sum by a specific date in exchange for forebearance.

Repayment Plan:

An agreement to resume making monthly payments with a portion of the past due payments each month until they are caught up.

Local Help:

National Assistance:

Hope Now, Support and Guidance for Home Owners - 888.995.4673 or www.hopenow.com

For those of you struggling with unpaid HOA dues, there are several organizations which can provide assistance: American Homeowners Resource Center, www.ahrc.com

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