Can the mortgage be reinstated or modified?
Sometimes, it is possible to reinstate the mortgage and it is sometimes possible to modify the terms of the mortgage, depending upon the equities of the situation, you may be able to have the mortgage company place the delinquent mortgage payments on the back of the loan and you may also be able to modify the interest rate. This depends upon the lender and the specifics of your situation. It is very difficult to accomplish either of these if the value of the property is significantly less than the amount of the mortgage. Free initial consultations! *WE ACCEPT MASTERCARD, VISA AND AMERICAN EXPRESS* Charles A. Dehlinger 260 Maitland Ave.
Sometimes, it is possible to reinstate the mortgage and it is sometimes possible to modify the terms of the mortgage. Depending upon the equities of the situation, you may be able to have the mortgage company place the delinquent mortgage payments on the back of the loan and you may also be able to modify the interest rate. This depends upon the lender and the specifics of your situation. It is very difficult to accomplish either of these if the value of the property is significantly less than the amount of the mortgage. 4. Other Options Other options may include a short sale, where the property is sold for less than the outstanding balance of the mortgage; a deed in lieu, where the property is deeded to the mortgage company, or a judgment being taken against you and negotiating a small payment to satisfy same. Free initial consultations! *WE ACCEPT MASTERCARD, VISA AND AMERICAN EXPRESS* Charles A. Dehlinger 260 Maitland Ave.
