One common comment to us these days from home owners that are behind mortgage payments is that they are in the process of negotiating a deferment of payments. What most don’t seem to understand is that this approach means that in a few months they are going to have to make a lump payment of the monies they are behind, including all additional fees and interests. And if currently they don’t have a way to afford the current payment, how can they be sure that they will be in any position to make several payments at once?

Renegotiating a loan to have payments piggy-backed is another approach. This requires a re-negotiation. If you are thinking about doing this please make sure that you have the paperwork to prove it. Many lenders are agreeing to do this within the terms of the current loan. it is not so.

If you need guidance on how to successfully navigate these options let us know. We are glad to help for free. Yes, for free. Times are rough and we like giving forward.