Alternatives to Foreclosure

Discounted Payoff

Settle  for lesser lumsump amount than the total amount owed. The management  will consider the loan fully satisfied.

Deed In Lieu of Foreclosure

A  Deed In Lieu of Foreclosure is an option if you do not qualify for any  of the other alternatives and you do not have additional liens against  your property. To avoid foreclosure you may be able to deed the property  directly to the lender.

Forbearance Agreement

If  you are unable to make a loan payment on your loan, you may qualify for  a Forbearance Agreement. This is a formal repayment plan which if  approved by our client will stay any pending foreclosure while payments  are being made.

Repayment Plan

If  your loan is past due for one, two, or three payments because of a  temporary financial setback, you may qualify for a Repayment Plan. You  must be able to make the monthly loan payment and pay an additional  amount towards the past due amount each month until the loan is brought  current.

Loan Modification Agreement

If  you are unable to pay your past due loan payments, but you can meet  your monthly obligations, our client may be able to make a Loan  Modification by adding the delinquent escrow payments to your loan  balance to bring your loan current. Your current mortgage interest rate  must be within market guidelines. If you have any additional liens  against your property, the lien holders must be willing to subordinate  their interest to the new loan amount.

Short Sale

If  you wish to sell your property, but the net proceeds from the sale is  not enough to pay off your loan and you cannot afford to pay the  shortage; the investor may allow you to sell your property without  paying the entire amount due.