What options are available if I cannot make my mortgage payments?

If a borrower is experiencing difficulty in making mortgage payments with Taylor Bean & Whitaker, there are several options that they may consider. First, it is advisable to communicate directly with the mortgage servicer as soon as possible. Open communication is crucial since lenders typically prefer to help borrowers avoid default rather than pursuing foreclosure. One possible option is a forbearance agreement. This arrangement allows the borrower to temporarily reduce or suspend mortgage payments for a specified period. During this time, the borrower can work on improving their financial situation. Typically, a plan will be put in place to repay the missed amounts once the forbearance period ends. Another alternative is a loan modification. This may involve changing the terms of the loan, such as extending the repayment period or adjusting the interest rate to make payments more manageable. This option may provide long-term relief but generally requires the borrower to demonstrate a change in their financial circumstances. Additionally, borrowers might consider a repayment plan. This plan could allow them to catch up on missed payments over time by adding a portion of the past-due amount to their regular monthly payments. In some cases, a borrower might want to explore a short sale or deed in lieu of foreclosure if maintaining the mortgage is entirely unfeasible. These options can allow the borrower to transfer the property back to the lender and potentially avoid the adverse consequences of a foreclosure on their credit history. It is essential for the borrower to understand their specific situation and the potential implications of each option. A thorough review of current information on the Taylor Bean & Whitaker website can provide additional details and guidance.