Facing Foreclosure

If you are having trouble keeping your mortgage payments current or resolving a payment delinquency, you may have options.  If you haven’t yet done so, it is strongly recommended that you discuss your situation with your lender immediately.

Do you have private mortgage insurance on your loan? If you have tried contacting your lender and have been unable to get a response, you may want to contact the private mortgage insurer who provides coverage on your loan.

Many lenders have a broad selection of programs designed to help troubled borrowers, which may include:

  • Repayment Plan:  If the situation that led to your delinquency is no longer a factor, you would make additional payments for a specified period of time together with your regular monthly payment until your loan is current.
  • Forbearance Plan:  If the situation that led to your delinquency has ended or will end, your mortgage payments may be reduced or suspended for a specific period of time.
  • Loan Modification:  It may be possible to change the terms of your mortgage loan, for example, by lowering the interest rate on your loan, your monthly payment may become manageable.
  • Short-Sale:  If you want to sell your property but the sale proceeds in today's market will not be sufficient to pay off your loan, your lender may agree to accept less than the full amount owed upon the sale.
  • Deed in Lieu of Foreclosure:  The title of the property may be transferred to the lender without a foreclosure in exchange for a release of your mortgage debt. 

If you have MGIC mortgage insurance on your loan, our dedicated team OF MORTGAGE LOAN SPECIALISTS may also be able to assist you.

Unsure if your loan is MGIC insured? You may call 800-424-6442 to determine if you have MGIC MI.

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