1.) Reinstatement: Bring the loan current by paying all outstanding/overdue payments.
2.) Forebearance: Temporary repayment plan
3.) Refinance: Procure a new loan to pay off the existing loan, possibly with lower monthly payments.
4.) Loan Modification: Modify original loan terms with more affordable monthly payments
5.) Sell the Property: Proceeds will be used to pay off entire loan balance including arrears.
6.) Rent the Property: Bring the loan current first.
7.) Short Sale: Negotiate with the bank to accept a payoff that is less than the current loan balance
8.) Deed-In-Lieu of Foreclosure: Surrender the property title to the bank.
9.) Bankruptcy: Will delay foreclosure but it does NOT stop it.
At the end of your ropes? We can help you avoid foreclosure.
Carlo Delizo, Team Lead & Managing Broker
Benchmark Team (Dba. RE/MAX Metro Realty Inc.)
Certified Distressed Property Expert (CDPE)
Short Sale & Foreclosure Resource (SFR)
Direct: (425) 444-1010
Fax: (800) 591-0858