Options to Foreclosure

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• Repayment Plan
• Forbearance
• Loan Modification
• Deed In Lieu of Foreclosure
  This option often is referred to as a "deed in lieu". The borrower offers to hand over the deed to the property so the lender can take possession of the house and sell it. The lender can refuse to accept a deed in lieu of foreclosure, and it often does, for a couple of reasons. First, the lender has to incur the costs of fixing up the house and paying real estate commissions. A short sale is preferable. Second, the lender inherits any problems with the title. Foreclosure clears away many title problems.
  
  Effect of a deed in lieu of foreclosure on your credit record: Severe


• Partial Claim - available only for HUD loans
• Short Sale
• Bankruptcy

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