If you are like many people right now and behind on your mortgage payments, you can lower your mortgage payments in a variety of ways.
Loan Modification: This is negotiated between you and your lender. While it is at the discretion of your lender to approve the modification, here are a few ways through a Loan Modification to reduce your monthly mortgage payments:
Extend the Repayment Period -- By extending the repayment period on your loan, you bring down the monthly payments and allow your home to appreciate in value, gaining equity.
Reduce the Interest Rate -- Negotiate with the lender to apply the current market interest rate, assuming it is lower than what you are paying right now.
Forbearance: This allows for you to reduce or suspend your payments for a period of time. The downside here is that at the end of the period, you must pay an extra amount on top of the payment due.
For more information, contact a Kirkland Real Estate Attorney.