During the recent times it may seem as if there is no hope for people who are need of information on how to get help. There are several programs available to both homeowners as well as tenants. I am a seasons real estate professional with over 20 years of experience in the legal fields of real estate. I am licensed in both Maryland as well as the District of Columbia. I would like to put my experience to work for you in obtaining the help you need.
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For homeowners that are currently behind on their mortgage, there is a list of options that one can apply for through a process known as loss mitigation. The options can vary from forbearance agreements, to loan modification, to short sales. A quick summary for these options are as follows:
- Forbearance Agreements are a temporary pause on your payments with the balance of those payments being due after the agreed upon time.
- Loan Modifications are when you modify the terms of your mortgage to forgive or delay the past due payments. More often, they are added to the end of the mortgage as a lump sum known as a deferred balance.
- Short Sale is when your lender allows you to sell your home for less than what is owed as long as it’s within the market rate of the property.