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Foreclosure Options
Your Options To Avoid Foreclosure
There are options to helping
you prevent foreclosure. Depending on your current situation, not every option is
for you. It is best to study & understand the various solutions below before
determining the option that will best suit your unique situation.
The following solutions below
have been designed for various homeowners who are experiencing difficulties in
various levels. Whether you have lost your job, experiencing a reduction in
income or your home is underwater (fall in home value),
there are various possible solutions for homeowners if they demonstrate good
faith in making their mortgage payments.
We have organized the options
below into 2 categories. Primary options are strongly preferred and as we go
down the list, secondary options are less favored simply because it maybe more
time consuming or constitutes a less desirable option. Nevertheless, the
options presented below are better and preferred solutions than the negative
consequences of walking away from your home.
If you are at risk of
foreclosure, we urge you to take action immediately by talking to your
counselor and lender. If you are planning on hiring a consultant to negotiate
with your lender on your behalf, it would be wise to educate yourself about the
solutions below.
Click on each option below to
receive a detailed explanation.
Primary Options - Workout
Assumption
- Mortgage Reinstatement
- Forbearance Agreement
- Forensic Loan Audit
- Loan Modification
- Deed For Lease - New
- Partial Claim
- Mortgage Short Sale or Foreclosure Alternatives Program (HAFA) - New
- Unemployment Program (UP) - New
- Principal Reduction Alternative (PRA) - New
Secondary Options
- Mortgage Refinance
- Reverse Mortgage
- Deed In Lieu of Foreclosure
