Alternatives to Foreclosure

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• Reinstatement  In order to have a mortgage reinstated, the homeowner must pay all late payments, late fees and any legal fees that have accrued up to the reinstatement date.
• Forebearance or Repayment Plan  The lender permits the buyer to repay missed payments over a period of time. Alternately, the lender may place the missed payments at the end of the amortization loan.
• Rent   In some instances, a homeowner facing foreclosure will have payments low enough to allow rental of the property, and thus keep up with the mortgage payment schedule.
• Sell   If there is equity in the property, the homeowner can sell the property to prevent foreclosure.
• Refinance  If a homeowner has sufficient equity and income and credit that has not been badly affected, he may be able to refinance the property.
• Mortgage Modification  This is very similar to a lower interest refinance, wherein the lender lowers the interest rate on the loan in order to lower the homeowner's payments.
• Short-Refi  This involves refinancing the property with a reduction in the principal balance, and often a reduction in the interest rate as well.
• Deed-in-Lieu of Foreclosure  Sometimes referred to as a friendly foreclosure; the homeowner essentially returns the deed of the property to the bank.
• Bankruptcy  This process may stop foreclosure on a property and allow the homeowner to reorganize debt and keep the property.
• Servicemembers Civil Relief Act (SCRA)  This is a law that, in specific situations, provides a level of protection to military personnel in foreclosure.
• Short Sale  When a homeowner owes more on a property than it is currently worth, and one of the above solution options do not appy, the homeowner may pursue a short sale.