Options to Foreclosure

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• Repayment Plan
• Forbearance
  The loan servicer might agree to suspend payments for a few months, until you get back on your feet financially. Forbearance isn't for an indefinite period; it might be for one or three or six months, and after that, you'll be expected to make full payments on time.
  
  Forbearance is most commonly offered to disaster victims and people who has lost their jobs but who feel confident they'll find well-paying employment quickly. After the forbearance period ends and you've resumed making monthly payments, the service will expect you to pay extra each month until you're caught up. In most cases, you'll be expected to catch up within a year or 18 months.
  
  Effect of a successful forbearance on your credit record: Minimal to moderate, depending on the circumstances.


• Loan Modification
• Deed In Lieu of Foreclosure
• Partial Claim - available only for HUD loans
• Short Sale
• Bankruptcy

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