Avoid Foreclosure

The best way to avoid foreclosure is to take action as soon as possible. You may have several options to enable you to save both your credit rating and your home.

AVOID FORECLOSURE - TEMPORARY SOLUTIONS

If you have suffered a temporary financial adversity, you may have these options:

Forbearance

A forbearance agreement allows for a temporary change in your mortgage contract. The changes may consist of temporarily lowering, or eliminating your payments for a pre-determined period of time.

Reinstatement

Reinstatement might be possible when you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

Repayment Plan

If your account is past due, but you can now make payments, the lender might agree to let you catch up by adding a portion of the past due amount to a certain number of monthly payments until your account is current.

AVOID FORECLOSURE - LONG-TERM SOLUTIONS

Mortgage Modification

Loan modifications can lower your payment by extending the term of the loan; often incorporating delinquent payments into the loan modification.

Deed in Lieu of Foreclosure

A Deed in Lieu allows you to offer your property's deed back to your lender in order to prevent foreclosure. It does have a negative impact on your credit record, but not as much as a foreclosure.

Refinancing Your Loan

If you have an exceptional credit it may be possible to refinance your mortgage for a lower interest rate and/or lower monthly payment.

Selling Your Home

If catching up is not a possibility, the lender might agree to put foreclosure on hold to give you some time to attempt to sell your home.

        

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