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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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Please HelpSat January 23, 2010, 11:22 amby Bill MetzkerOne of our preferred charities, Mercy Corps, has a way to donate directly to victims of the earthquake in Haiti. Click on the link below if you can help.
Mercy Corps Help Haiti View Archives
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