Four Popular Options To Foreclosure
Forbearance Agreement An agreement with your mortgage company; the terms under which you are able to keep your home by remaining current on your mortgage and repaying the delinquent amount over time. Loan Modification A loan Modification is any agreement that adjusts the terms of your loan, such as interest rate, term or principle. These are done to make the payments more manageable for you. Short Sale A sale of teh property where your lender approves a discounted payoff of all existing mortgages. In simpler terms, the lenders accept the proceeds generated by a market sale of the property as the payoff amount on the outstanding loans. Short Sales are frequently approved and escrows closed with no out-of-pocket costs paid by the seller. Bankruptcy A legally declared inability or...
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