If a homeowner has the means to afford his or her mortgage payments, and can get caught back up with the lender, the mortgage company may re-qualify him or her for lesser payments, or a reduced mortgage balance. Proof of income, a financial worksheet and the reason for a temporary hardship will have to be substantiated.
It is essential that the homeowner understands that if he or she missed a mortgage payment, the bank is going to foreclose. Financial distress has become all too commonplace for many borrowers. The bank´s loss mitigation department hears of hardship daily, so they are not going to be judgmental if you make an honest and sincere effort to work with them.