Joseph M. Bochicchio, PLLC

• Repayment plan: 
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 .

• Conditional Forbearance:
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.

• Principal Deferral:
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 .

• Short Sale:
The lender agrees to sell the house for less than the outstanding mortgage amount and accept the loss.