Tuesday, March 2, 2021
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9 Ways To Avoid Foreclosure:
FOREBEARANCE:Temporary repayment plan
REINSTATEMENT:Bring the loan current
REFINANCE:New loan with reduction in monthly payments
LOAN MODIFICATION:Modify original loan terms
SELL THE PROPERTY:Use equity to payoff or pay difference
RENT THE PROPERTY:Must make loan current
SHORT SALE:Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE:"Friendly foreclosure"
BANKRUPTCY:Will stall foreclosure but not prevent it