What Should I Do If I Fall Behind On An FHA Loan?
There are some great tips in this Team NuVision video, like:
- Call or write to your lender as soon as possible.
- Clearly explain the situation and be prepared to provide financial information.
- If you fall behind - Keep living in your home to qualify for assistance.
- Contact a HUD-approved housing counseling agency and cooperate with the counselor/lender trying to help you.
- Special Forbearance - your lender will arrange for a revised repayment plan which may include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses.
- Mortgage Modification - allows you to refinance debt and/or extends the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but your net income Is less than before the problem.
- Partial Claim - your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current.
- Preforeclosure Sale - allows you to sell your property and pay off your mortgage loan to avoid foreclosure.
- Deed-In-Lieu Of Foreclosure - lets you voluntarily "give back" your property to the lender it won't save your house but will help you avoid the costs, time, and effort of the foreclosure process.