Thanks for your inquiry.
Here are a few options:
a. Special Forbearance: Often referred to as a "work-out plan", this option is a repayment plan based upon your current financial situation and may even provide for a temporary reduction or suspension of your payments.
b. Mortgage Modification: Your lender may allow you to restructure the debt and extend the term of your mortgage loan.
c. Partial Claim: Your lender may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current, if certain qualifications are met.
d. Project HOPE: By calling 1-888-995-4673, you may find that you qualify for an FHA federal refinance program.
if you have exhausted all other possible remedies, including those referenced here, you may want to consider other viable alternatives of last resort, two of which are listed below:
1. Deed in Lieu of Foreclosure: This is an alternative that will allow the homeowner to simply give the property back to the lender and be able to leave the property behind without having a foreclosure on your credit. You will have to request this alternative. Most mortgage companies are not going to voluntarily let you know this option exists. The only downside with this alternative is that the mortgage company must be in agreement in order to execute the deed in lieu of foreclosure.
2. Bankruptcy: Although an option of last resort, bankruptcy refers to the federal law that permits certain entities and individuals to obtain permanent relief from many debts and obligations. The intent of the bankruptcy law is to enable debtors to get a "fresh start" in their financial affairs. Although a bankruptcy will remain on your credit for ten (10) years, after fully assessing your financial situation, and attempting to fight the foreclosure battle, you may find that the immediate relief and protection afforded by the bankruptcy case filing, is a viable and practical alternative for you.
You should proceed with caution before hiring a debt negotiation company. You may want to try meeting with a local bank or credit union to get advice on how to negotiate and/or settle debt claims on your own before obtaining assistance from a debt negotiation company. Many times, the debt negotiation companies will take your money but are unable to reduce a significant portion of your debt. So again, proceed with caution.
I hope you found this information to be helpful.