Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date.
Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later.
Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current.
Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify:
You may qualify if:
1) Your loan is at least 4-months delinquent, but not more than 12-months.
2) You are able to begin making full mortgage payments again.
When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold.
Pre-qualify for a loan in a few simple steps
Get StartedFill out your Secure Application
Apply NowSee what our clients are saying:
TestimonialsWe've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1587876
www.nmlsconsumeraccess.org
12 West 100 North
American Fork, Ut 84003
Phone: (801) 372-2523
karen@tfh.me
Powered By LenderHomePage.com