FACING FORECLOSURE: NEGOTIATE WITH BANK OR TRY GOV'T PROGRAMS?

A lower monthly payment alone doesn't show whether a bank offer is better. Extending the term can reduce the payment while increasing the total amount repaid. For anyone comparing options, look at the full repayment amount, modification fees, any arrears added to the balance, and any applicable foreclosure deadlines alongside the terms of government programs they may qualify for.

Get the proposed terms in writing, including whether the rate can change and when the first payment is due.