Some people are late on their mortgage home loans due to a one time event such as illness or temporary unemployment. Other folks have adjustable mortgages that are about to reset. While others just have a payment that is too high.

All these folks want to lower their home loan payments. Let's see how this is done.

If a mortgage ender wants to, they can do one of two things They can do a loan forebearance, or they can do a loan modification.

A forebearance involves tacking on the delinquent amount to the loan balance, or adding more months or years to the duration of the loan. You keep your existing payments but pay longer. Or perhaps you pay a bit extra each month for awhile, and the extra is paid towards the old deliquent balance.

A loan modification involves lowering your interest rate or payments, usually.

Mortgage lenders prefer to do temporary forebearances rather than permanent load modifications.

Whatever they will agree to, you have to show them that you are capable of honoring the new agreement. They will want to see that ideally your housing costs do not exceed 40% of your take-home income.

If you are paying too high a percentage of your income towards housing, they may not want to agree to a forbearance or loan modification.

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Regardless of what the lenders want to do, you can often get them to lower the payments or interest rates even though they won't want to. You may have to play hardball with them. If you want more information on this as well as short sales, nine-day house sales and dealing with the IRS, join my list and watch the video. I always keep your information private and never share it with anyone.