With a “deed-in-lieu” the lender accepts a transfer of the title to your home instead of foreclosure. Deed-in-lieu of foreclosure – foreclosure is a legal process by which a lender takes ownership of your home if you do not make the mortgage payments.In a “short-sale” situation, the lender accepts less than the total amount due and still considers the loan paid-in-full. Sale of property – the property is put on the market and the mortgage loan is paid off from the proceeds at closing.These changes may include one of more of the following: adding the missed payments to the loan balance, reducing the interest rate or extending the term of your loan. Modification – if you are able to make some monthly payment but are unable to bring your loan current, a modification changes the terms of your loan permanently to make the monthly payments more affordable.If your payment problem is long-term or it is not likely that you will be able to bring your loan current at any time, other options may be appropriate including the following: Repayment plan – this is an agreement to resume making your regular monthly payments plus a portion of the past due amount each month until you bring your loan current. A forbearance plan may be combined with a reinstatement when you know that you will have enough funds to bring your loan current at a later date, such as a tax refund insurance settlement, or investment reaching maturity.
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