Alternatives to Loan Modification to Become Current on Your Mortgage

If you do not want to change your current mortgage agreement but you are defaulting on your payments, consider using a repayment plan to make the payments up to date.

Repayment Plan

This is a good way to bring your mortgage current without going for other loan modification options as not everyone wants to modify the loan agreement.

There are numerous types of loan modification that a loan modification expert can advise someone to do. But that does not suit everyone, especially if they are thinking of retiring soon and they would like to be debt-free by that time.

Committing to a repayment plan allows the person to pay back what they owe over a period of time by making higher monthly mortgage payments. A good example is when someone was unemployed but they now they have a job or extra funds have become available through a second income.

Factors to consider

A homeowner organizes a repayment plan because they have not paid their mortgage for a while or they have only been paying a portion for some time. This means that there is quite a large sum of money outstanding and they must be prepared to pay much higher mortgage payments if they opt to undertake a repayment plan. The plan needs to be structured in such a way that the person can afford it for the time the repayment plan is scheduled.

Using the expert advice from loanmoddepot.com, a repayment plan will be negotiated and structured in such a way that it will become affordable and more importantly help explain the lender why the mortgage was in arrears and why it can now be rectified.