Loan Modifications:

  •      Lowers your monthly payments and keeps you in your home
  •      Prevents or delays foreclosure
  •      Is not a new loan (like refinancing).  Modifies your existing loan.  
  •      Not as damaging to your credit as foreclosing
  •      Not all lenders offer loan modification
  •      Modify your interest rate and increase loan term

What is mortgage forbearance?

Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.