Homeowner Assistance
Homeownership Preservation Options
If you are having trouble keeping your mortgage payments current or resolving a payment delinquency, you may have options. Depending on your financial condition, you may be eligible for one of the following workout options:
- Loan Modification: It may be possible to change the terms of your mortgage loan, for example, by lowering the monthly payment amount.
- Short-Sale: If you want to sell your property but the sale proceeds will not be sufficient to pay off your loan, your lender may agree to accept less than the full amount owed upon the sale.
- Repayment Plan: Over a specified period of time, you would make additional payments together with your regular monthly payment until your loan is current.
- Forbearance Plan: If you can resolve the delinquency at a later date, mortgage payments may be reduced or suspended for a specific period of time.
- Deed in Lieu of Foreclosure: The title of the property may be transferred to the lender in exchange for a release of your mortgage debt. This workout is generally only considered in extreme hardship situations.
Our dedicated loss mitigation team is ready to assist you.
- Use our homeowner assistance worksheet to help you size up your situation and determine your options.
- Allow one of our experienced Homeowner Assistance Counselors to work with you and your lender to explore possible opportunities. There is no cost for our service.
- Or e-mail us at: Homeowner_Assistance@mgic.com