5 Ways to catch up when You’ve fallen behind on Your Mortgage in Fort Lauderdale Because of the recent pandemic-related economic downswing, many homeowners have fallen behind on their monthly mortgage payments. However, other circumstances have contributed to this such as divorce, illness, job loss, or other unexpected expenses. Even if a life-altering event beyond your control has derailed your finances, the first thing you need to do is acknowledge the fact that you’re in need of financial help. After acknowledging your need for financial assistance, talk with your lender regarding your repayment options. There are usually several solutions, including the 5 listed here: • Forbearance – enables you to reduce or suspend your monthly payment amount. • Mortgage release – also referred to as a “Deed-in-Lieu of Foreclosure”, a mortgage release enables you to transfer ownership back to the lender in exchange for releasing you from any future mortgage payments. • Refinance – you may have the opportunity to get a new loan with more favorable terms such as a lower interest rate. • Reinstatement – pay the entire amount owed in a lump sum payment. • Short sale – if you owe more than your home is worth, a short sale will enable you to pay a portion of the balance owing, provided the lender agrees to this. Florida State Mortgage Group, Inc. 1512 E Broward Blvd #204A, Fort Lauderdale, FL 33301 https://www.google.com/maps?cid=5464149498827190981