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Chris Pendleton


Shannan Marty

Associate Broker - Realtor®, ABR®,CDPE, CSP, CNE, CSSN, SFR, a-REO, PSC

It is important for homeowners to examine and evaluate all their options to avoid foreclosure. 

Housing counselors from U.S. Department of HUD may have additional information or options for troubled home owners.  A list of HUD Certified Housing Counselors can be found by clicking HERE.

In addition, it is important that you do not ignore your lender.  It is OK to talk with them.  Once you miss payments they will start the process to contact you and offer help.  If your lender does not hear from you they will be required to start legal action leading to foreclosure.  This will substantially increase the cost of bringing your loan current.  Do not ignore contact from your lender.
The following are typical alternatives to foreclosure.  Sometimes knowing the right terminology is important in talking with your lender to inquire about your options. Discussion with an attorney is recommended to further determine if an option is right for you.

Forbearance - Forbearance is especially useful in situations when someone may have lost a job and then gets a job.  They are behind in payments.  The lender may take those missed payments and late fees and tack them on to the end of the loan.

Repayment Plan - A repayment program is where the lender takes the missed payments and late charges and allows the borrower to start making their normal monthly payment plus an additional amount over an agreed period of time to repay the missed amount.

Loan Modification - Loan modifications often alter the interest rate of a loan, or the length of a loan.  Thus making the payments more affordable.  There are companies out there that offer to modify your loan for a fee.  We recommend you stay away from these types of companies.  They don't do anything that a homeowner can't do with time and patience on the phone with their lender.
President Obama's administration has rolled out the Home Affordable Modification Program (HAMP).  This program outlines loan modification program requirements that include altering the interest rate of a loan, the length of a loan and sometimes the forgiveness of principal.  To learn more about HAMP click HERE.

Deed in Lieu - A deed in lieu is where the homeowner agrees to just give the house back to the bank and forego all of the legal postings and the sale on the court house steps.  This option has been becoming more and more popular as of late.  A deed in lieu usually only works when there is only 1 lien holder or if the same lien holder holds both the 1st and 2nd mortgages.  This option carries the same weight of foreclosure.

Bankruptcy - Homeowners with excessive debt should consult with a Bankruptcy Attorney to determine if this is a viable option.

Renting Home - For some people you may be able to rent out the home and exceed or get close to the monthly payment.