Chance Gates' Blog

If you want to stay in your home, but you had trouble paying your mortgage and are now behind with your payments. There are options available to help you stay in your home.

Refinance:

A new loan—with new terms, interest rates and monthly
payments—that completely replaces your current
mortgage. Even if your home value has decreased, you may
be able to refinance your loan as part of the government’s
Home Affordable Refinance Program (HARP).
• Make your payment more affordable by lowering your
interest rate or adjusting the terms of your loan
• No negative impact to credit score
• Stay in your home and avoid foreclosure

Repayment Plan:

An agreement between you and your mortgage company
that lets you pay the past due amount on your mortgage
payments over a specifed time period in order to bring
your mortgage up to date.
• Catch up on your past due payments over an extended
period of time
• Less damaging to your credit score than a foreclosure
• Stay in your home and avoid foreclosure

Forbearance:

An offer by your mortgage company to temporarily
suspend or reduce your monthly mortgage payments for
a specifed period of time.
• Have time to improve your financial situation and get
back on your feet
• Less damaging to your credit score than a foreclosure
• Stay in your home and avoid foreclosure

Modification:

An agreement between you and your mortgage company to
change the original terms of your mortgage—such as
payment amount, length of loan, etc. You may also be
eligible for the government’s Home Affordable Modification
Program (HAMP) created to help struggling homeowners.
• May reduce your monthly mortgage payments to a more
affordable amount
• Less damaging to your credit score than a foreclosure
• Stay in your home and avoid foreclosure

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As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

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