You Have Options to Foreclosure!

1. Reinstatement - lender agrees to accept the full amount owed by a certain date to "catch you up"

2. Forbearance or Re-Payment Plan - in the first case, the lender agrees to reduce or suspend payments; the second is self-explanatory

3. Claim Advance - if your mortgage is insured, you may qualify for an interest-free loan from yor guarantor to bring your account current

4. Sell

5. Rent

6. Refinance - this one may be tricky if your credit rating has been already hurt

7. Mortgage Modification - the lender agrees to alter the terms of your loan

8. Short-Refi - this one may also be tricky; in essence you can try to refinance less than the total amount of the mortgage

9. Deed-in-Lieu - a "friendly foreclosure"; this option may not apply if you have other liens on your property

10. Service members Civil Relief Act (SCRA)

11. Short Sale

12.  Bankruptcy - the biggest detriment to credit  

I urge you not to wait; time is of the essence here!

Information deemed accurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.