If you are worried about making the mortgage payment on your Delaware or Pennsylvania home, take heart: your mortgage company wants to help you. There are solutions available for homeowners who have a temporary loss of income or other hardship. Here's how it works!  

In order to find the best solution, your mortgage company will ask you for a financial statement of your income, monthly expenses and debts. You may be asked for copies of recent bank statements, and your credit report may be pulled. You may be asked to include a written explanation of your hardship. 

This is very similar to the mortgage application process, so please do not be intimidated by their questions. Also, your mortgage company needs to keep your info current as the review process continues. They may repeatedly ask for updated documentation. Reply promptly! 

Typical solutions include:

  • Deferment or Forbearance
  • Repayment Plan 
  • Modification 

Deferment and forbearance programs basically allow you stop making mortgage payments for a period of time, without risk of foreclosure action, late fees or other penalties. 

A repayment plan allows you to catch up any missed or deferred payment(s), without penalties, over a period of time. 

A modification is a permanent change to your mortgage terms. It may involve your interest rate, amortization period, or both, in order to lower your payment. In some cases, payments deferred or missed during a hardship can be "rolled in" to a modification, giving you a fresh start.  

This is a very brief overview. Your mortgage company can give you more information about the programs available to you, and explain the requirements! 

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you with your real estate questions! Contact us today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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