You do have options
REINSTATEMENT: Bring the loan current
FOREBEARANCE: Temporary repayment plan
REFINANCE: New loan with reduction in payments
LOAN MODIFICATION: Modify original loan terms
RENT HOME: Must make loan current first
SELL HOME: Use equity or savings to payoff difference
SHORT SALE: Negotiate with bank to accept sale for less than owed
DEED IN LIEU: “Friendly foreclosure”
BANKRUPTCY: Will stall foreclosure, but may not prevent it
If the bank doesn't own it, it isn’t too late. Call the RE/MAX Horizon Realty team of experts today.
Click here for a PDF handout of these options