What options does one have if they fall behind on loan payments?

Asked by Trulia Boston, Boston, MA Tue Mar 19, 2013

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Wen Farina’s answer
Wen Farina, Agent, Reading, MA
Tue Mar 19, 2013
Homeowners have several options that they may want to learn more about such as: special forbearance, repayment plan, loan modification, HAFA-short sale, deed in lieu....... but it all stars by not ignoring the problem and contacting the lender for a workout solution that they may qualify for.
Web Reference:  http://www.wenrealty.com
0 votes
Ann Carlson, Agent, Tucson, AZ
Wed Mar 20, 2013
Your lender doesn't want a foreclosure anymore than you do. Tell them how you can go about making up for the arrearage. Perhaps you can pay $XXX more each month and if that's not acceptable ask
them what they would require. Another possibility is to borrow what you owe your lender and pay back that loan under the terms you can afford, perhaps refinance your car. Best to you and don't give up
where there's a WILL there's a way.
0 votes
Heath Coker, Agent, Falmouth, MA
Wed Mar 20, 2013
Refinance the existing loan.
Modification of the existing loan.
Forbearance of the existing loan.
Sale of the property.
Rent out rooms.
Rent out the whole property.
Mail the keys to the bank and move.
Wait for foreclosure.
Get an additional job.

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0 votes
Mario Pavli, Agent, Boston, MA
Wed Mar 20, 2013
Your only and best option is to call your lender.

Best of luck.
0 votes
Short Sale M…, Other Pro, MA,
Tue Mar 19, 2013
I agree with CH. Call your lender first. Many can work out a modification, forebarance, short sale, may be refi, or some other option for you.

Good luck!
Maryann Little, VP Mitigation
0 votes
Rafael Herna…, Agent, Roslindale, MA
Tue Mar 19, 2013
The best thing to do is contact the lender you have the loan through and explain the situation and try to set up some sort of payment plan. If you are behind for a very long time and can no longer afford the mortgage payments you can look at other options like selling in to pay off the loan. If the current market does not offer a price that would cover the loan amount then you may have to do a short sale. You can always talk to your loan officer and see what other options you may have, including refinancing. It all depends on what you would like to do in the end. If you want to stay with the property, want to sell it. or even renting the property may be an option if it covers the mortgage.
0 votes
CH Naamad, Agent, Boston, MA
Tue Mar 19, 2013
Try to contact the loan holder and discuss some sort of arrangement with them to get you back on track.
There are government agencies that may here too. Please contact your city Gvt office for details.
Best of luck,
0 votes
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