If a major event in your personal life has dealt a long–term blow to your finances, are you wondering whether you might have your monthly mortgage payment lowered to fit your reduced income or increased expenses?
The short answer: It's possible, if you're experiencing long–term financial hardship.
Current on your mortgage or not, if Freddie Mac owns your loan, you might be eligible for a modification to make your monthly payment more affordable in your new circumstances. If you'd rather sell your home, you might be able to arrange a short sale.
Contact your servicer and ask for a review of your mortgage terms. A housing counselor also could help you understand your options.
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