When you are facing financial challenges, keeping up with a mortgage loan can be difficult. Having a private money loan may give you more or less options than a conventional loan. Everything depends on the loan and the lender. Many protections that are afforded to conventional loans do not apply to privately backed loans.
There are a variety of possibilities:
You may be able to refinance your loan with your lender or another lender. There is no guarantee of qualification.
Depending on your lender, they may cancel the foreclosure as long as the borrower follows the terms of the new agreement.
Forbearance plans can temporarily suspense mortgage payments.
Aim to quickly sell a home for less than the amount owed.
Require homeowners to transfer their home's title to the lender that holds the mortgage.
Can help a borrower avoid foreclosure and get back on track.
As these are options, it is up to your lender to agree to pursue any of these options. You should have ready to present to your lender at least the following information: