Can I Modify My Loan?

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If a medical emergency arises, if there is a death in the family, loss of employment, and financial difficulty preventing you from making your loan payment, it is a good idea to contact your lender and discuss a loan workout option that would work best for you.

Your lender can help you keep your home by suggesting a reinstatement, forbearance, repayment plan, mortgage modification, or claim advance.

A repayment plan may help keep Portland homes from reaching foreclosure by letting homeowners pay the regular mortgage amount plus a portion of the past due payment until the mortgage becomes current. Reinstatement, which is often coupled with forbearance, is an agreement to pay in lump sum the total amount owed by an agreed upon date. Forbearance allows a homeowner to temporarily suspend or decrease the payment amount for a brief period of time.

Mortgage modification is a permanent way to modify your

loan. This is done through a number of ways including changing the interest rate and prolonging the number of years to pay off the loan.

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