Foreclosures are Public Record Forever... Don't Give Up...Explore Your Alternatives
Home Loan & Credit Applications Ask - "Have you EVER had a Foreclosure or Bankruptcy?"

Alternatives to Foreclosure

• Reinstatement
  Homeowner requests the total amount owed to bring mortgage payments current and pays it.
• Forbearance or Re-payment Plan
  Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time. 
• Sell the Property
  Homeowner with sufficient equity lists their property with a qualified agent that understands the
  foreclosure process in their area.
• Rent the Property
  Homeowner with a mortgage payment low enough that market rent will allow it to be paid converts their property to a rental.
• Mortgage / Loan Modification
  Homeowner negotiates with lender to modify the interest on the loan, the principal balance, or any combination of these, resulting in a lower payment.
• Home Affordable Foreclosure Alternatives Program (HAFA)
  Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.
• Short Refi
  Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.
• Deed-in-Lieu of Foreclosure
  Homeowner returns the property to the lender rather than go through the foreclosure process.
• Deed for Lease
  Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.
• Refinance
  Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.
• Bankruptcy
  Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.
• Servicemembers Civil Relief Act (SCRA 303)
  A member of the military who is experiencing financial distress due to deployment (and can prove entered into debt before employment) qualifies for temporary relief under this act.
• Homeowners Assistance Program
  A member of the military or federal employee qualifies for this program which has a variety of assitance programs including private sales, government purchase, and/or foreclosure assitance.
• Short Sale
  Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed.