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Almost Home Realty
Wood River, IL 62095
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Save Your Home

Options Allowing You to Stay in Your Home

If you are facing financial difficulties—whether they are short or long term—start exploring your options today.


Even if you haven’t yet missed a mortgage payment, but are worried you might fall behind soon, now’s the time to take action. You may be eligible to refinance or modify your mortgage loan, lowering your payment and making it more affordable. Or, if you’ve missed payments and find yourself buried under late fees and past-due amounts, you may qualify for a temporary (or permanent) solution to help you get your finances back on track and avoid foreclosure.



What is a Refinance?

With this option, you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.

Refinancing may be an option if:

  • You are current on your mortgage payments
  • You have an adjustable rate mortgage or a high interest rate
  • You have equity built up in your home

Repayment Plan

A repayment plan is 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

Forebearance Agreement

With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

Forbearance may be an option if:

  • You are ineligible or do not want to refinance

  • You are facing a short-term hardship

  • You are several months behind on your mortgage payments


Loan Modification

Under this option, you reach 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. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.

Modification may be an option if:

  • You are ineligible to refinance

  • You are facing a long-term hardship

  • You are several months behind on your mortgage payments or likely to fall behind soon





Making Home Affordable

Margaret Barnett & Ellen Hill  | 618-251-9000 | Email Us
532 Edwardsville - Wood River, IL 62095
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