The homeowner will make the regular mortgage payments plus a little extra to cover delinquency payments and fees.
Interest Rate Reduction:
Refinancing your mortgage interest rate to a lower rate, thus lowering your monthly payments.
Extension of Loan Term:
Extending the term of the loan, say from 30 years to 40 years, to lower the monthly .
The borrower is allowed to make lower payments for a limited time, typically three months.
Stay on Foreclosure:
A temporary, set period of time, that gives homeowners protection from foreclosure so they can recover and resume payments.
The lender defers part or all of the principal payment, thus lowering your monthly payments.
Deed in Lieu of Foreclosure:
Homeowner gives his home (the deed) to the lender in exchange for the lender canceling the loan. The lender forgives any deficiency in the loan that isn’t covered by a future sale .
The lender agrees to sell the house for less than the outstanding mortgage amount and accept the loss.