Nationstar Mortgage offers several programs to help homeowners avoid foreclosure, according to its website. Foreclosure avoidance programs include loan modification, mortgage refinance and the Home Affordable Foreclosure Alternative Program. Additional options include forbearance, payment plans, voluntary transfer of ownership and short sales.Continue Reading
Loan modification is useful for people who are facing a long-term financial hardship. Nationstar Mortgage may be able change the mortgage's terms by decreasing the interest rate or the length of the loan, resulting in a lower monthly mortgage payment. Nationstar Mortgage offers the Home Affordable Foreclosure Alternative Program to assist homeowners who do not qualify for a loan modification. People with a temporary financial hardship may benefit from a forbearance that suspends mortgage payments for a short period of time, notes Nationstar Mortgage.
Homeowners who no longer want to keep their homes can either voluntarily transfer the deed to Nationstar Mortgage by doing a deed in lieu of foreclosure. Nationstar Mortgage may also be willing to accept less than the full balance of the loan in a short sale. By choosing a deed in lieu of foreclosure or short sale, homeowners can avoid having a foreclosure on their credit report, explains Nationstar Mortgage.
Homeowners can visit the Nationstar Mortgage website, NationstarMtg.com, to apply for assistance and learn more about their options.Learn more about Credit & Lending