If you are like many people right now and behind on your mortgage payments, you can lower your mortgage payments in a variety of ways.
Loan Modification. This is negotiated between you and your lender. While it is at the discretion of your lender to approve the modification, here are a few ways through a Loan Modification to reduce your monthly mortgage payments:
- Extend the repayment period. By extending the repayment period on your loan, you bring down the monthly payments and allow your home to appreciate in value, gaining equity.
- Reduce the interest rate. Negotiate with the lender to apply the current market interest rate, assuming it is lower than what you are paying right now.
Forbearance. This allows for you to reduce or suspend your payments for a period of time. The downside here is that at the end of the period, you must pay an extra amount on top of the payment due.
For more information, contact us today.