What It Really Means & How to Avoid It

9 Ways to Avoid Foreclosure:


REINSTATEMENT: Bring the loan current


FOREBEARANCE: Temporary repayment plan


REFINANCE: New loan with reduction in monthly payments


LOAN MODIFICATION: Modify original loan terms


SELL THE PROPERTY: Use equity to payoff or pay difference


RENT THE PROPERTY: Must make loan current


SHORT SALE: Negotiate with bank to accept sale under loan amount


DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”


BANKRUPTCY: Will stall foreclosure but not prevent it


What It Really Means & How to Avoid It

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Scott E Langley   CDPE

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