Foreclosure Options to Stay in the Home
Foreclosure options to stay in the home are likely the first options homeowners will want to consider. Bear in mind, not all homeowners may qualify so it can be smart to enlist the guidance of an expert like a foreclosure defense attorney for help.
Popular foreclosure options to stay in the home often include:
- Mortgage Modification
This foreclosure defense option commonly involves adjusting the original terms of the mortgage agreement to make it more affordable for the homeowner. Modifications to the mortgage may include a cap on monthly payments, lowered interest and/or principal, but do often require homeowners to be in some sort of financial hardship.
- Mortgage Redemption
Of all the foreclosure options, this may be the most difficult to achieve. This foreclosure defense option commonly involves paying the entire unpaid balance on the mortgage loan. This can immediately end the foreclosure process.
- Mortgage Refinance
This foreclosure defense option commonly involves qualifying for a new mortgage loan with better terms to replace the former mortgage loan.
Foreclosure Options to Leave the Home
Listed below are popular foreclosure options homeowners may pursue when they are ready to leave their homes prior to foreclosure.
- Deed in Lieu of Foreclosure
- Short Sale