Adjunct Methods Of Staving Foreclosure
Irwin cites other possible options you may discuss with your lender to avoid foreclosures:
1) restructure the mortgage by extending the term so that you have lower payments as long as the lender does not ultimately lose any interest,
2) temporarily allow you to miss payments until you get back on your feet by adding interest not paid in the amount of the loan, and
3) completely forgive interest or grant a vacation from payments for up to a year or more, as long as you can demonstrate you have the potential to once again pick up payments after that time.
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