see If you bought a home in the last couple of years and are having trouble paying your mortgage, loan modification is an option.
The type of loan you have makes a difference.
go to site If you have an FHA loan, the government offers two options.
click One is the partial claim. Simpley put, the partial claim allows you to put all the payments you are behind on to the back end of your loan, interest free. Essentially, if gets you up to date on your loan with no penalty to you. If you have an FHA loan, ask your mortgage company about this.
The second type of loan modification for an FHA loan is short refinance. The short refinance, offers a dramatic modification of your loan. Your loan amount could be reduced to the actual value of your house and your interest on your loan could be reduced to something you could afford.
How could your mortgage company do something like this? Because it is at no cost to them. The loan is insured by the federal government, so the government pays your mortgage company the difference. There are some rules that go along with this, but nothing you can’t handle. Ask your lender about this option as well.
If you don’t have an FHA loan, you still have options.
For more details on options you might have give this number a call 1-866-490-5378.
If you want to read about non-FHA options visit, FinancialStability.gov