Assitance Available To Keep Your Home
We can never predict when tough times will strike. Whether
the market takes a dive, you lose your job, become sick or
injured, unexpected hardships can arise at any moment. No
matter how careful you are to pick a payment plan you can
afford, if your means of income are suddenly lost, then you
may need assistance in paying off your mortgage.
There are a few options that National City mortgage can offer
to you that will help you keep your home, while allowing you
to pay on the loan in some fashion. If you would like to try
and keep your home you can choose to do one of the following:
1. Forbearance is the act of suspending or reducing your
payments for a short period of time. Sometimes our financial
situation is just temporary, and we know that income will
begin again at a set date. This is the perfect opportunity
to ask for a forbearance of your payments. When your income
does begin again, you must take steps to bring your balance
to the point it would be at if there were no forbearance,
also called a repayment plan.
2. You can modify the terms of your account if you find that
although you have income to pay on your loan, you do not have
enough to pay as you did before. So Modifications on the payment
terms can be made. All modifications are subject to the lender
and the status of the said account.
3. You can take out another loan for a partial-claim if you
obtained insurance on your mortgage. Then you can obtain a
loan free of interest to payback the amount.