I Want to Keep My House:
First, make sure you can afford to make payments. I know it may be difficult to face the music, but you can’t let emotional ties, sentiment or image stop you from letting it go.
Ask yourself a few questions: Can I continue to maintain this house? After a restructure agreement is made, is the payment over 25% - 28% of my monthly take home? If the answer is yes and no respectively keep reading.
As soon as you are unable to pay your mortgage call your mortgage company. They will work with you. Your options to keep your home are most effective when you are only one or two payments behind. But if you are further along, there’s not time like the present to make the call.
Ask about these options:
Forbearance an agreement to let you pay less than the full amount of your mortgage payment during your forbearance period. Mortgage companies may consider forbearance when you can show funds will let you bring your mortgage current at a specific time in the future.
Reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date.
Repayment Plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is due with your regular payment.
Loan Modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note.
Resources:
www.fanniemae.com
www.hud.gov or 800-569-4287
Contact to find a Non-Profit Housing agency in your state. They can assist you by analyzing your financial situation or by helping you organize a budget to pay your mortgage and other monthly expenses.
In Michigan: www.michigan.gov/mshda - Save the Dream Program Counselors and resources, such as lower interest rates, to help residents save their homes.
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