The following methods can be used by a residential property borrower to avoid foreclosure of their home or investment property:
- Modification of the Loan – This is when the lender takes the back-owed amount, also known as arrearages, and either forgives or defers the amount.
- Mediation – This occurs when the lender and the borrower use an independent, third party to negotiate and settle their issues.
- Short Sale – This is when the lender approves the sale of the property by the borrower to a buyer for less than what the borrower owes the lender.
- Deed-In-Lieu – This is when the borrower simply deeds the property back to the lender in order to avoid a foreclosure.
- Redemption – This occurs when the borrower pays the lender for any back-owed amounts and gets current on the mortgage.
- Refinance – This is when the borrower finds a new lender and restarts the loan process so that the borrower is no longer behind in their payments.
- Bankruptcy – This is when the borrower files a Chapter 7, 11, or 13 bankruptcy in order to stop a foreclosure or eviction.
If you are behind in your mortgage and would like to speak to someone about your options, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.