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Options to Save Your Home From Foreclosure


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These 6 options can stop foreclosure, and get you back on track.

Reinstatement - when lender accepts a lump sum by a specific date to stop the foreclosure; the money may come from a hiring bonus, investment, insurance settlement, a tax refund, or some other source.

Loan Forbearance - this option often combined with a reinstatement; when your payments are reduced or suspended for a short period of time in order for you to find the money you need for a reinstatement.

Repayment Plan - an agreement to resume making your monthly payments plus a portion of the past due payments each month until you've caught up the debt.

Mortgage Modification - when the terms of your original loan are modified to accommodate your financial situation; you may get a new interest rate, or a longer term, and your back payments will be added to the loan amount.

Partial Claim - if you have an FHA insured loan, you may qualify for a one time interest free loan to bring your account current; your loan must be 4 to 12 months delinquent; you would pursue this option if you are able to make your normal mortgage payments again.

Refinance - This is a good option if you have an adjustable rate loan as long as you don't owe more than the property is worth; HUD has a program called FHAsecure if you have not yet fallen behind on payments, or if you have fallen behind due to the adjusting of your interest rate.

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