Reinstatement
Bring the loan current if you are behind in payments, there will be penalties also.
Forbearance
Temporary repayment plan.
Refinance
New loan with reduction in monthly payments, usually due to lower interest rates.
Loan Modification
Modify original loan terms.
Sell the Property
Use equity to payoff or pay difference
Rent the Property
Must make loan current and rent should cover mortgage
Short Sale
Negotiate with bank to accept sale less than loan amount.
Deed in Lieu of Foreclosure
“Friendly foreclosure” with bank approval you deed the property back to the bank.
Bankruptcy
Will stall foreclosure but not prevent it.
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