A new loan—with new terms, interest rates and monthly payments—that completely replaces your current mortgage.
○ Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
○ Creates no negative activity or event on your credit history
○ Stay in your home and avoid foreclosure

An agreement between you and your mortgage company that lets you pay the past due amount—added on to your current mortgage payments—over a specified time period to bring your mortgage current.
○ Resolve your delinquency
○ Catch up on your past due payments over an extended period of time
○ Less damaging to your credit score than a foreclosure
Stay in your home and avoid foreclosure

An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time.
○ Have time to improve your financial situation and get back on your feet
○ Less damaging to your credit score than a foreclosure
○ Stay in your home and avoid foreclosure

An agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc.
○ May reduce your monthly mortgage payments to a more affordable amount
○ Less damaging to your credit score than a foreclosure
○ Stay in your home and avoid foreclosure