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Real Estate Tips

Foreclosures >4. Foreclosure Alternatives

There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.

If a homeowner wants to keep their home:

  • Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
  • Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
  • Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
  • HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
  • Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
  • All options listed are subject to approval of the lender.

If a homeowner does not want to keep their home:

  • Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
  • Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
  • Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
  • Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
  • Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.

See All Tips In The "Foreclosures" Category >
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Real Estate Trivia

Q 
What mortgage transactions between borrowers and lending institutions operate in the private sector of the economy?

A 
Conventional mortgages are private sector transactions that are not insured or guaranteed by the government.
See More Real Estate Trivia >


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