5 Easy Mortgage Repayment Options to Avoid Foreclosure

Repayment Plan

Instead of paying everything you owe up front, often called a lump sum repayment, a repayment plan divides the amount owed over a period of time. If you can afford a higher monthly payment for up to 12 months, your loan will be current quickly. Not sure what you can afford? Use our Mortgage Calculator to estimate your payments.

Payment Deferral

If you can’t afford to make any additional monthly payments, it’s okay to delay the repayment of your forbearance amount without changing your loan itself. Just know that with this option the amount will be due if you sell your property before paying off the loan, reducing the amount of equity you receive for the sale.

Loan Modification

Another option is to change your mortgage loan itself. This may be a smart option if you were unhappy with the loan prior to entering forbearance. To provide homeowners with more options, the Federal Housing Administration (FHA) announced the availability of a 40-year mortgage for the first time in history, which may help certain borrowers.


You can refinance your loan even if you’re still resolving your forbearance. There’s no legal limit to how many times you can refinance during the span of your mortgage, although government-backed loans require a “seasoning period” of at least six months since you last refinanced before you can refinance again. If you’re eligible, this is an attractive option to many homeowners.

Sell Your Home

With home prices increasing 20% on average nationwide, your equity has gone up as well. And, you can still sell your home, even if you’re in forbearance and haven’t restarted payments. Contact us to find out the real, up-to-the-minute value of your home to see how much equity you have and what that can mean for selling your home.

Find Your Best Mortgage Fit

Contact Linda Craft Team Realtors today to find out which option fits your situation best and what the next steps are to getting started.