Mortgage Payment Options - Getting Back on Track

If you’re having trouble making your monthly payments, your mortgage servicer may offer help using any of the following programs. Contact your mortgage servicer to discuss your options.

Reinstatement
With reinstatement, your mortgage servicer will accept a single payment that covers all past due amounts. Depending on the severity of your delinquency, you may be required to pay using certified funds.

Contact your mortgage servicer for an itemization of all past due amounts. If you’re unable to pay all past due amounts, there are other programs available to assist you.

Repayment Plan
If you’re unable to pay your past due amount all at once, your mortgage servicer may design a plan that lets you catch up on your payments over time. To qualify for a repayment plan, you must be able to afford your regular monthly payment along with an additional amount, which will be used to reduce your past due balance.

Modification
A loan modification can help if you can’t afford a Repayment Plan. In this case, your monthly mortgage payment may be reduced by a using lower interest rate, extending your repayment term or both. A modification may also resolve your delinquency by adding past due amounts to your mortgage balance. Your mortgage servicer can offer very flexible modification guidelines to resolve your unique situation.