Change Your Mortgage Terms

Get a relief in paying your high monthly mortgage bills

How can you reduce your mortgage installments by repayment plan?

Try to work with your bank or mortgage lender on a repayment plan. Use this option if you have a certain amount of funds available to support your repayment plan.

Forbearance agreement (workout) to avoid foreclosure

In general, forbearance agreement gives you more time as compared to repayment plan. You may get a lowered monthly installment plan. This is not allowed under repayment plans.

After you restructure your finance and resume your regular financial life, then, your lender expects you to start paying your arrearages (missed payments) at a higher amounts of monthly payments.

Types of financial reliefs that you may look for

• Partial payment option
• Temporary indulgence (no payments for a certain period of time)
• Promissory note modifications (in principal amount, interest rate, installment payment amount)
• Conversion of current loan into a balloon payment loan increasing the monthly payment toward the end to reduce your current monthly payments

Need help? Review your options to get foreclosure help by professionals (lawyers specializing in foreclosure, foreclosure consultants registered to assist homeowners subject to foreclosure, debt counselors, and real estate agents in California), California state agencies, county agencies in California, consumer advocacy groups, and nonprofit organizations in California.