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reinstate
The homeowner makes all missed payments, late fees, legal fees, and the loan is reinstated. The owner requests the amount from his lender in the form of a reinstatement letter.
forebearance
The lender allows the owner to make up missed payments and fees over time, or may even place the amounts on the end of the loan amortization. Sometimes an option if the reason for missed payments is temporary.
sell the property
If an owner has equity in the property, he or she can sell it and cure the foreclosure.
refinance
An owner with good credit and income may be able to refinance.
loan modification
If an owner can afford payments close to those he or she defaulted on, the lender may alter the loan repayment terms to make them lower.
loan workout
In some cases, lenders may even reduce the loan principal amount.
deed-in-lieu
The homeowner tenders his or her deed to the bank to avoid the foreclosure process. Warning: Note that Deficiency judgments are covered by foreclosure statutes, which do not cover the Deed-in-Lieu Foreclosure process.
civil relief act (scra)
Provides certain protections to military personnel who are in foreclosure.
deficiency judgments
If the proceeds of a public sale yield less to the foreclosing lender than the amount of the loan balance, the difference is called a Deficiency. While many Deficiencies are not collectible, some are, and extreme care is critical.
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Late Night EntryThu July 30, 2009, 12:17 amby Bill MetzkerThis site has been getting pounded from towns all over the USA. Fine with me, except I wish I could post every state's laws regarding options available to distressed property owners. And I REALLY wish I could help people in other states.
Sorry, Guys, but everything on this site relates to Oregon, because it all comes from Oregon law. A lot of state laws are close to ours in Oregon, but they're not the same. I've worked in California and Nevada, and the laws arew a little different than Oregon's. But I still ought not advise
Please promise to check out your state's laws over foreclosures, loan mods/workouts and the like. I'll help where I can. View Archives
It Ain't Over 'til it's OverTue July 6, 2010, 3:27 pmCurious News on the Foreclosure Sales FrontWed June 30, 2010, 7:46 pmStrategic Defaults ReduxTue June 29, 2010, 5:44 pmToday's Mortgage RatesMon June 28, 2010, 3:02 pmShort sales or Foreclosures Today? Fuhgeddaboutit!Sat June 26, 2010, 12:53 pmQuick StatsFri June 25, 2010, 6:16 pmFannie Cracking Down on Strategic ForeclosureThu June 24, 2010, 3:05 pmGood News, Bad NewsWed June 23, 2010, 2:23 pmMay Home SalesTue June 22, 2010, 5:36 pmOne Day You're Up and the Next day You're...Mon June 21, 2010, 5:31 pmMore on the Shadow InventoryMon June 21, 2010, 2:08 pmForeclosure VuvuzuelasThu June 17, 2010, 8:20 pmHome Price Hope?Wed June 16, 2010, 12:49 pmOn BullshitTue June 15, 2010, 1:58 pmCredit ScoresTue June 15, 2010, 11:50 amHousing ReportMon June 14, 2010, 7:30 pmShort Sale TipMon June 14, 2010, 5:10 pmMore on Principal WritedownsMon June 14, 2010, 1:08 pmFlip? Flop? Depends on What Year It IsThu June 10, 2010, 6:48 pmBuy Foreclosures?Wed June 9, 2010, 5:18 pmBorrowers as IED's?Mon June 7, 2010, 12:38 pmWould You Walk Away from Your Mortgage?Thu June 3, 2010, 8:52 pmPortland's High-end Housing MarketTue June 1, 2010, 1:48 pmUnited and Visa: Welcome to the 21st CenturyWed May 26, 2010, 4:56 pmRate Adjusting the Wrong Way?Tue May 25, 2010, 1:15 pmGreece is the Word!Mon May 24, 2010, 8:28 pmHELOC Mania!Fri May 21, 2010, 4:39 pmForeclosure Avoidance HelpThu May 20, 2010, 1:39 pmComfort Food for Troubled DaysMon May 17, 2010, 3:03 pmDealing With Mortgage Default--Pt. 1Thu May 13, 2010, 3:53 pmForeclosures Down?Thu May 13, 2010, 3:03 pmSteps to Deal With ForeclosureWed May 12, 2010, 1:26 pmRequest for StoriesMon May 10, 2010, 3:12 pmStrategic ForeclosureFri May 7, 2010, 8:01 pmMore HAFA Problems?Wed May 5, 2010, 2:12 pmWhy HAFA Won't WorkWed April 28, 2010, 2:58 pmOregon Foreclosure HelpTue April 27, 2010, 6:11 pmBehind the Mortgage MeltdownThu April 22, 2010, 2:06 pmDo Loan Modifications Hurt Credit?Wed April 21, 2010, 4:47 pmShadow Inventory and ForeclosuresTue April 20, 2010, 4:44 pmImpact on CreditMon April 19, 2010, 1:48 pmShadow InventoryMon April 19, 2010, 1:15 pmHAFA Pt. 3Mon April 12, 2010, 2:01 pmHAFA 3Tue April 6, 2010, 6:18 pmHAFA SHort Sale and Deed-in-lieu ProgramMon April 5, 2010, 2:27 pmHAFA UpdateFri April 2, 2010, 6:08 pm$88 Million to Help Oregon Hard-hit HomeownersTue March 30, 2010, 1:40 pmNew HAMP ProgramSat March 27, 2010, 11:25 amMortgage Principal Write-offWed March 24, 2010, 11:29 pmCredit ScoresSat March 20, 2010, 6:36 pmLoan Modifications Up--A LotMon March 15, 2010, 12:21 pmA Word for InvestorsWed March 10, 2010, 8:06 pmChanges in the AirMon March 8, 2010, 8:04 pmDistressed Properties EverywhereTue March 2, 2010, 7:43 pmJob Loss Causing Late Mortage Payments? Fri February 26, 2010, 12:29 amOur PurposeMon February 22, 2010, 11:59 pmDoes Foreclosure Avoidance Help?Mon February 22, 2010, 2:10 pmForeclosure PredictionsWed February 17, 2010, 8:01 pmHappenings in State LawTue February 16, 2010, 6:37 pmCiti Short Sale Plan AnnouncedThu February 11, 2010, 6:38 pmSometimes, the Feds ListenMon February 8, 2010, 5:38 pmOur Homes, Our ToyotasThu February 4, 2010, 2:43 pmOur Homes, Our ToyotasThu February 4, 2010, 2:42 pmWalking Away from Upside Down HomesWed February 3, 2010, 4:57 pmIs This Fraud?Mon February 1, 2010, 4:03 pmNew Rules ComingThu January 28, 2010, 6:15 pmStiff 'EmTue January 26, 2010, 6:47 pmPlease HelpSat January 23, 2010, 11:22 amLoan Modification if Your House is For Sale?Fri January 22, 2010, 8:56 pmYou Are Not AloneWed January 20, 2010, 12:51 pmWhat Does It Do to My Credit?Thu January 14, 2010, 4:58 pmWhat MIGHT Be Up for 2010Tue January 12, 2010, 12:26 amTerms ReminderSat January 9, 2010, 6:15 pmReminderWed January 6, 2010, 7:05 pm2009 a Dog Poop BagMon January 4, 2010, 1:55 pmForeclosure Law ChangesMon December 28, 2009, 11:25 amTenants and Foreclosed HomesFri December 18, 2009, 2:29 pmRealtyTrac: Sales of Foreclosed Homes DownWed December 16, 2009, 3:33 pmWhy Do Servicers Do What Seems so Dumb?Thu December 10, 2009, 3:26 pmLoan Modifications Succeeding?Mon December 7, 2009, 6:52 pmHAMP Short Sale GuidlinesThu December 3, 2009, 1:12 pmHALP Short Sale RulesWed December 2, 2009, 11:56 pmFeds to HelpTue December 1, 2009, 7:06 pmAlways News on the Loss Mitigation FrontMon November 30, 2009, 1:56 pmThankful the Decade is EndingWed November 25, 2009, 6:43 pmWhat Is a Loan Modification?Mon November 23, 2009, 3:12 pmForeclosure Law ChangesFri November 20, 2009, 1:00 amWhat Is a Short Sale?Tue November 17, 2009, 4:47 pmBig Trouble for Big LoansWed November 11, 2009, 3:13 pmA Bit of Light?Mon November 9, 2009, 11:45 pmA Little Relief?Fri November 6, 2009, 6:12 pmReal Times for Real PeopleThu November 5, 2009, 11:41 pmLoan Mod InsanityMon November 2, 2009, 2:05 pmUncertainty ContinuesTue October 27, 2009, 3:20 pmExtend the Tax Credit? Maybe NotWed October 21, 2009, 5:38 pmLoan Modification Help Now FreeMon October 19, 2009, 1:22 pmAugust Foreclosures DownFri October 16, 2009, 6:54 pmBanks: "Su Casa es Mi Casa"Thu October 15, 2009, 9:49 pmSpank the Banks!Wed October 14, 2009, 2:32 pmFirst Step in Stopping ForeclosureTue October 13, 2009, 2:25 pmAre Loan Modifications Working?Mon October 12, 2009, 12:27 pmThis Just In--Trouble for FHA?Fri October 9, 2009, 2:24 pmA Refi Option for Upside Down OwnersFri October 9, 2009, 1:36 pmBank-owned PropertiesThu October 8, 2009, 6:38 pmLegal Help in Loss MitigationWed October 7, 2009, 5:22 pmPortland Metro ForeclosuresTue October 6, 2009, 5:50 pmWhat Happens if You Call (or email) Me?Tue October 6, 2009, 12:50 amAn Increase in RentersMon October 5, 2009, 12:37 pmOpportunity for Buyers and InvestorsThu October 1, 2009, 4:59 pmFlak on the $8k Tax CreditWed September 30, 2009, 6:20 pmMortgage Loan TipsTue September 29, 2009, 7:13 pmPurchase Money Mortgage or Cashout Mortgage?Fri September 25, 2009, 12:10 amPriority Liens, Super LiensTue September 22, 2009, 2:28 pmVocabularyMon September 21, 2009, 6:32 pmDon't Pay Upfront for Loan Modifications-Pt. 2Thu September 17, 2009, 6:52 pmAre Loan Servicers Cherrypicking Whom TheyMon September 14, 2009, 1:27 pmThe New Normal? Dispatch from RenoSun September 13, 2009, 5:45 pmWill That Lender Foreclose or Work Something Out?Thu September 10, 2009, 12:06 pmWhat Does a Loan Modification Cost?Mon September 7, 2009, 7:48 pmMajor Myths About Foreclosure AvoidanceMon September 7, 2009, 7:39 pmForeclosures Up in Tri-County AreaFri September 4, 2009, 12:49 pmForeclosure Trends From RealtyTrac.Thu September 3, 2009, 2:28 pmPay for Loan Modifications?Thu August 27, 2009, 10:51 amIs the Market Really Stable?Wed August 26, 2009, 8:20 pmWho Are Fannie, Freddie and Ginnie?Fri August 21, 2009, 6:55 pmDeficiencies, House PricesWed August 12, 2009, 5:54 pmHow Fast and Far Prices Can CrashFri August 7, 2009, 5:53 pm2009 Foreclosure LawWed August 5, 2009, 4:54 pmGetting Mortgage Help--or Not?Mon August 3, 2009, 12:01 pmThe Foreclosure ProcessSun July 26, 2009, 6:34 pmTrustee ExplainedSat July 25, 2009, 5:07 pmCredit Score Effect of a Foreclosure or Short SaleTue July 21, 2009, 6:45 pmScamsSun July 19, 2009, 12:59 pmHelp for Homeowners Expanded!Mon July 13, 2009, 3:34 pmDeficiency JudgmentsSat July 11, 2009, 2:59 pmForeclosure Law ChangesTue July 7, 2009, 8:04 pm
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