What It Really Means & How to Avoid It
9 Ways to Avoid Foreclosure:
REINSTATEMENT: Bring the loan current
FORBEARANCE: Temporary repayment plan
REFINANCE: New loan with reduction in monthly payments
LOAN MODIFICATION: Modify orignial loan terms
SELL THE PROPERTY: Use equity to payoff or pay difference
RENT THE PROPERTY: Must make loan current
SHORT SALE: Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE: "Friendly foreclosure"
BANKRUPTCY: Will stall foreclosure, but not prevent it
DON'T LET TIME
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