Options to Foreclosure

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• Repayment Plan
• Forbearance
• Loan Modification
• Deed In Lieu of Foreclosure
• Partial Claim - available only for HUD loans
• Short Sale
• Bankruptcy
  A homeowner filing a Chapter 7 Bankruptcy will forfeit property and eliminate any potential deficiency. Chapter 13 Bankruptcy provides the homeowner the ability to cure the default over an extended period of time (30-60 months) while maintaining the current monthly payment. However this does not change the terms of the mortgage, and since the homeowner cannot afford the current regular monthly payment, they may not be able to afford the current payment plus the delinquency amount.
  
  Effect of a bankruptcy on your credit record: Severe
  

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