9 Ways to Avoid Foreclosure
Reinstatement:
This means that you will bring the loan current.
Forbearance:
This mean you are requesting a temporary repayment plan
Refinance:
This is a new loan with reduction in monthly payments
Loan Modification:
You are requesting a modification of the original loan terms.
Sell The Property:
You are using your equity in the home to payoff or pay difference
Rent the Property
However, you must make the loan current
Short Sale:
You contact a licensed realtor to negotiate with the lender to accept sale under loan amount.
Deed in Lieu of Foreclosure:
This is known as a friendly foreclosure
Bankruptcy
This will stall foreclosure process but NOT PREVENT IT.
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