Reinstatement – This is possible when you are behind in payments, but can promise to pay a lump sum of money to bring your regular payments back by a specific date.
Forbearance – It may be allowed to delay payments for a short period with the understanding that another option will be used to bring the account current later.
Repayment Plan – If your account is past due, but you can now make regular payments again, the lender may allow you to catch-up by adding a portion of the overdue amount to a certain number of monthly payments until your account becomes current.
Partial Claim – Your lender may be able to help you obtain a one-time payment from the FHA Insurance Fund to bring your mortgage current, if you qualify:
You may qualify if:
1) Your loan is at least 4-months delinquent, but not more than 12-months.
2) You are able to begin making full mortgage payments again.
When your lender files a Partial Claim on your behalf, the U.S. Department of Housing & Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note and a Lien will be placed on your property until the note is fully paid. The note is interest-free and is due when you pay off the first mortgage, or when the property is sold.
At NXT LVL Lending, we believe that buying a home or refinancing should be an empowering experience, not an overwhelming one. With over 20 years in the industry and a deep understanding of our local market, we’re here to make your mortgage journey clear, simple, and successful. Based in Miami, FL, our team of experienced brokers is dedicated to providing tailored mortgage solutions that meet the unique needs of our clients.
Company NMLS: 2471162
www.nmlsconsumeraccess.org
10625 N. Kendall Dr
Miami, FL 33176
Phone: 3059678159
team@nxtlvllending.com
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