| When a borrower falls behind on their mortgage payments, their account is referred to the loss mitigation department. The loss mitigator will try to work out a plan to avoid foreclosure. Usually this starts with an offer of a forbearance, which takes the delinquent loan amount and spreads it out over the next 12-24 months. Sometimes, they will look to modify the loan by refinancing the loan internally with new payments and terms. Other special arrangements may be possible depending on the lender. |
This
is not a commitment to lend. Restrictions may apply. Information
is subject to change without notice. All loans are subject
to credit approval. Equal Housing Opportunity.