Non-Legal Remedies

Not every foreclosure alternative requires something so drastic as a loan modification or involving a court and a judge. Several options may exist that would be less formal and demanding. Some of these options would require the agreement of the lender however.

Forbearance Agreements

A forbearance agreement is an agreement with your lender to temporarily reduce or to suspend your mortgage payments for a limited period of time.  Forbearance agreements are typically entered into when the borrower can establish an unforeseen circumstance that has caused a temporary inability to make his/her mortgage payment.  The most common types of unforeseen […]

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Repayment Plans

This is a similar option to reinstatement of the note in that it allows you to get caught up on your payments without entering into any new or modified agreement.  A repayment plan is simply an agreement that the bank will accept the arrears on the note over a (usually short) period of time.  This […]

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Reinstatement of the Note

Reinstatement is simply bringing the account current by paying what you are behind.  This seems like such an obvious option of saving your home that you may think it should not be listed as a foreclosure alternative.  You may also be thinking that if you could afford to pay all of what you are behind, […]

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