By Ed Braciszewski
(Peze and Carroll, Inc. Realtors)
Alternative #1: Special Forbearance. Your lender might be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. The lender will expect you to furnish information to your lender to show that you would be able to meet the requirements of the new payment plan. Alternative #2: Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. Again call your l...