There are ways in which to avoid the foreclosure process, which is good news for anyone who is facing the possibility of this. Unfortunately, depending on what options you have available to you not all of them end up in you keeping your home.
The following are a few of the options available.
- Forbearance Plan
- Partial Claim
- Loan Modification
- Short Sale
- Short Refinance
- Pre-Foreclosure Sale
- Deed in Lieu Foreclosure
There is also another option but this is something that only the bank would agree to. This is called an interest-only home loan or a shorter-term ARM which will lower the costs of your monthly mortgage. Although, these may sound like a good idea at the time, eventually these loans will reset at sometime in the future and when they do you could find yourself back in the tight spot you were trying to get out of in the first place. However, for the time being getting back on your feet is what you are looking for so these types of loans can help in buying you back some time.
Forbearance Plan – this is a payment plan set up between you and your lender, this plan suspends or eases your payments until you have caught up with your failed payments, therefore bringing your repayments up to date.
Avoid Foreclosure and get a loan modification with lower payments.
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