Falling behind on your mortgage is one of the most worrisome things that a person can do. You are probably more than willing to do whatever it takes to stop foreclosure on your home, because you want to keep living and owning the home. If you have simply have fallen behind on your home’s monthly payment and find yourself able to continue making standard payments, then you may have several options available to you. When just getting caught up is what you need to make happen, consider working with your lender and FHA or VA to help make things happen for you.
What Can They Do?
FHA is a governmental agency that helps to back up some home loans. If your home loan is an FHA loan, this gives the lender a bit less risk in you because they have agreed to help back up the loan should you default on it. In that, they provide you with some options that can help you to stop foreclosure on your home. To find out what they can do for you, start by talking with your mortgage holder or lender. They will be able to help you through the process of using what FHA offers to secure your home’s future.
FHA may be able to provide you with a one time payment to help you to catch up on the funds that you owe to the lender. To qualify, you do need to be four months behind on your mortgage payments, but no more than 12 months behind. In addition, you must be able to show that you can continue to make full mortgage payments each month and just need some funds to get caught up. If this happens, you’ll sign a promissory note promising to pay the amount that you have borrowed through them back, which usually happens at the end of the loan period. There’s no interest on this type of loan.
If you have a VA loan, you too may have several options available to you. The best thing for you to do is to work through your lender to find out what options are available to you. Often, your regional VA loan coordinator will be able to tell you what they can do to help you to stop foreclosure on your home.
In either of these cases, you can get the extra help that you need to avoid foreclosure and get yourself back on track.