Modification?
•If you have experienced a hardship and your are now able to resume making payments, the lender may be able to add the past due interest and any advances to your principal balance. This will be a modification to the original loan amount.

•Adds any past-due interest and escrow amounts to the unpaid principal balance, which is then re-amortized over a new term.

•Changes the mortgage note itself, giving you a fresh start on managing your home asset

•Bring your account up to date immediately

Partial Claim (only for FHA loans)?
•The Department of Housing and Urban Development (HUD) advances a loan to repay the past-due interest and escrow amounts.

•Avoids the lengthy legal process involved in foreclosure.

•Generally less damaging to your credit rating than foreclosure

Repayment Plan?
•If you have experienced a hardship and you are now able to resume making payments, the lender may be able to establish a plan for you to make installments on the past due amount in addition to your regular monthly payments.

•Distributes your delinquent payments over a period of time, usually no more than 10 months. The monthly amount is added to the usual mortgage payment.

•Brings your account up to date within a specified time frame.

•With a goal in sight, you can move forward knowing that your home is secure.?

Short Sale?
•If your home has decreased in value and if you sold it at fair market value, you would not have enough to pay your loan in full, the lender may be able to accept a short payoff, an amount less than the full payoff (also known as Pre-Foreclosure Sale).

•Allows you to sell your home and use the proceeds to pay off the mortgage if your are unable to maintain payments, even if the home’s market value is less than the total amount owed.

•Avoids the lengthy legal process involved in foreclosure.

•Generally less damaging to your credit rating than foreclosure.

Deed in Lieu of Foreclosure?
•If you have tried to sell your home at fair market value for at least 60-90 days, but have not received any offers, the lender may be able to allow you to deed your home to us to avoid foreclosure (also known as Voluntary Reconveyance). There must be no liens or judgements attached to the property.

•Allows you to transfer your property voluntarily to the lender if your are unable to maintain your payments.

•Avoids the lengthy legal process involved in foreclosure.