What Are The Alternatives To Foreclosure?

Repayment Plan:  Delinquent payments distributed over a period of time and added to the monthly payment.

Forbearance:  Temporarily allows the homeowner to pay less than the amount due or suspend payments entirely for a specified period of time.

Short Sale:  Allows homeowner to sell their home for less than is owed the bank for the property.

Deed In Lieu Of Foreclosure:  Allows the homeowner to voluntarily transfer property back to the bank.

Bankruptcy:  If other loans are making paying your mortgage unaffordable, you could file for bannkruptcy but reaffirm your mortgage and car to keep them.

We would be happy to discuss any other these options with you.  I can be reached at 775-530-1728 or tahoejg@netzero.com. 

This is intended as definitions of the highlighted terms and is not a recommendation.  You should always seek advice from a HUD approved Home Councilor, and/or Attorney and Accountant.