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Mortgage Payments

This option may be appropriate if their arrears in mortgage payments due to a temporary problem. Repayment Plan: Under this option, the administrator of your loan is granted a fixed time period to repay the overdue amount by adding a portion of the amount due to the amount of your regular monthly payments. This option may be appropriate only if you defaulted on a few monthly payments. Tolerance for failure to pay (forbearance): This option reduces the amount of your monthly payments or suspended for a period agreed between the administrator of your loan and you. Consumers Energy can provide more clarity in the matter. At the end of that period, you resume your regular payments and also will be paying a higher amount or agrees to make additional partial payments for a specified number of months to catch up with their loan. The default tolerance may be an option if your income is reduced temporarily (for example, if you expenses, is more likely that your loan has a willingness to negotiate. Selling your home: Depending on the real estate market conditions in your area, selling your home might be able to provide the funds necessary to pay all your mortgage debt. Bankruptcy: Generally, bankruptcy or personal bankruptcy is considered the option of last resort because it has a high long-term negative impact. Bankruptcy stays on your credit report for a period of 10 years, which may make it difficult to obtain credit, buy another home, get life insurance or, even sometimes get a job. However, bankruptcy is a legal procedure that can offer the opportunity to start over those who can not meet the payment of its debts.

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