Alternatives

You can keep your home. Here are your options:

Negotiated Repayment: The payment of the past due amount can be negotiated. Flexibility in the time to repay the loan and/or the amount repaid. Usually requiring a forbearance agreement and stopping any foreclosure action unless the terms are not met.

Modifications

The Loans term on interest rate is changed and the delinquent amount of the loan is added to the outstanding amount.

Partial Claim

The delinquent amount is used to create a second mortgage with no payments or interest made until the loan is paid off.

Deed in lieu

The borrower signs the deed to the lender to refinance the home and avoid foreclosure.

Pre-Foreclosure Sale

The home is placed on the market with a Realtor and on appraisal is completed to set a value to get the home sold in 3 months, even if it is short of a full pay off.