Alternatives To Foreclosure
First, if you are faced with foreclosure, contact your mortgage lender as soon as you can to discuss options. Don't wait until you miss multiple payments as you may have a reduced chance of getting assistance.
Some alternatives to foreclosure:
Home Protection Program - The Home Protection Program from the North Carolina Housing Finance Agency (NCHFA) may be able to help you keep your home if you have lost your job.
Reinstatement - If you have a temporary cash shortage, your mortgage lender may agree to extend the amount of time you have to pay any past-due amount with any late fees and other penalties.
Forbearance - If you can no longer make monthly payments because you have lost your job or have similar circumstances, your mortgage lender may agree to reduce or suspend your payments temporarily and then require you to pay any past-due amount in a lump sum or multiple installments.
Loan Modification - If your income is reduced permanently, your mortgage lender might be willing to modify your loan by rolling the past-due amount into your loan balance, reducing your interest rate, or extending the term of your loan.
For more information, visit housinghelpnow.org, the site for the National Foundation for Credit Counseling.