Options to Foreclosure

[show all details]   [show only terms]

• Repayment Plan
• Forbearance
• Loan Modification
  A loan modification is similar to a refinance: The lender agrees to alter the loan, but with few or no fees. The lender might reduce the interest rate, change the loan from a ARM to a fixed-rate mortgage, or raise the monthly payment by a few dollars so you pay off the entire loan, including the past-due amount, by the loan's original end date.
  
  Less frequently, the servicer will tack the missed payments onto the end of the loan. In other words, if you got a mortgage in June 2004 and it's supposed to be paid off in June 2034, but you missed three payments, the services could add those three payments to the back end and push the payoff date to September 2034.
  
  Effect of modification on your credit record: Minimal to moderate, depending on how far behind you fell on your monthly payments.
  


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

[show all details]   [show only terms]