Foreclosure Alternatives

Foreclosure Alternatives

Settlement Options for Loans in Default

Reinstatement of Loan Delinquency – This involves tendering the amount necessary to bring the loan current.

Forbearance Plan – This is a temporary delinquency repayment agreement intended to assist a homeowner In bring their account current even when they cannot afford to tender a lump sum or reinstate their loan.

Payoff the Loan – This involves tendering the amount necessary to payoff the loan.  In some situations, lender’s have agreed to settle the debt for less than what has is owed in order to facilitate a sale.

Loan Modification – This option is a permanent alteration to the loan account that would bring it current.  While often very desirable for the homeowner, it typically requires an extensive review by the lender and approval is more difficult to obtain than in other settlement situations.

Short Sale – This is when the lender allows you to sell your home for less than market value.  Typically the lender takes a loss, so they will not permit the seller to obtain any proceeds from the sale.  This solution can have a better affect on a consumer’s credit than a foreclosure.

Deed in Lieu of Foreclosure – This is an option that involves the homeowner deeding the property back to the lien holder but is dependent upon many factors and specific approval of your lender.

The above is not intended to give legal advice.  These are options that your lender may allow.  Obtaining legal advice and knowing your rights early on in the process is important.   Please contact us for a referral to a qualified legal professional to assist you.


Our team has been specially trained to conduct short sale transactions

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Contact Information

Jason Bowman, CRS, CDPE, ABR, GRI, E-PRO
RE/MAX Elite
5720 Gateway Blvd., #203
Mason OH 45040
Cell: 513-646-3368
Fax: 513-766-0647