Mortgage Assistance Options
If you have had an unexpected hardship or are going through a challenging time, Green Lion Financial can offer mortgage relief options that can assist you in keeping your home and avoiding foreclosure.
If you have missed your mortgage payment or are falling behind, we can assist you with different options. If you are experiencing short term challenges, a forbearance plan can temporarily reduce or suspend your mortgage payments.
After a forbearance plan, you can repay the amount of the missed payments all at once, set up a repayment plan or defer the balance to the end of your loan term.
If your monthly home loan payment is no longer affordable, you may qualify to refinance or loan modification for long-term relief.
Your mortgage company will make you an offer to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.
- Have time to improve your financial situation and get back on your feet
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
An agreement between you and your mortgage company that allows you to pay the past due amount over a specified period of time to bring your mortgage current. This would be added to your current monthly mortgage.
- Resolve your delinquency
- Catch up on your past due payments over an extended period of time
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
This is a repayment option that can include moving or deferring past-due amounts to the end of your loan term and keeps your monthly principal and interest payment the same. (Note that escrow payment adjustments for taxes and insurance may affect your total monthly payment.)
- Resolve your delinquency and bring your loan to a current status
- Resume regular payments without immediate repayment of past-due amounts
- Deferred amount does not accrue interest
- Stay in your home and avoid foreclosure
You and your mortgage company will agree to change the original term of your mortgage – for instance, payment amount, interest rate, term, etc.
- May reduce your monthly mortgage payments to a more affordable amount
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
This will be an entirely new loan with new terms, interest rates and monthly payments. This will replace the previous mortgage that you had.
- Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
- Creates no negative activity or event on your credit history
- Stay in your home and avoid foreclosure