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.
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.
Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.
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.
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.