Of course it is easy to become overwhelmed by the thought of losing your home. It is usually easiest to keep your home if 1) Your home has equity, 2) Your situation is temporary or 3) Financial recovery is in sight. If this is not the case, all is not lost. It is not too late, but you need to stop ignoring the problem and work hard to correct it so you can stay. The following special circumstances may or may not be an option for you. You must work with your mortgage lender as soon as possible to figure out whether or not you qualify.

Reverse Mortgage Refinance - A reverse mortgage is a loan that allows homeowners who are at least 62 years old, to convert part of their home equity into tax-free* income - without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home. Refinancing would replace the current loan with a reverse mortgage loan. * Contact a tax accountant for full details.

Assistance for Service Members on Active Duty - If payments are behind due to military service, homeowners should ask their mortgage lender about the Service Members Civil Relief Act (SCRA). SCRA allows active military members to suspend or postpone some civil financial obligations. The SCRA was designed to assist and protect important rights of active duty military members and reservists who are in active federal service. National Guard Members called to active state duty in response to a national emergency declared by the President of the United States are now recognized under the new statute as well.

Certain Types of Repayment Plans - Repayment plans immediately bring accounts up to date by re-distributing delinquent payments over a period of time (normally less than 12 months). The monthly amount is then added to the usual mortgage payment. A change to the interest rate or the term is made to allow owners to bring their loan current.

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