One way that a homeowner may modify the mortgage is by receiving a term extension. Every mortgage is for a set number of years, or a term. Conventional mortgages usually have a term of 30 years, but a mortgage can …Read More
Although the term “short sale” is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short …Read More
At one point or another throughout the course of a mortgage, a homeowner may feel that the mortgage payment is too high to be able to comfortably afford it. The homeowner may find that too much of their income is …Read More
A homeowner who can’t pay the mortgage may ask the mortgage company if they can forbear from paying the loan, also known as forbearance. Forbearance occurs when the mortgage company agrees to allow the homeowner to make a reduced mortgage …Read More