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Avoid Foreclosure

Information on Avoiding Foreclosure

Mortgage Programs Are Available to Help

There are a variety of programs available to help you resolve your delinquency and keep your home. You may be eligible to refinance or modify your mortgage to make your payments and terms more manageable, for instance, lowering your monthly payment to make it more affordable. Or, if you have missed a few payments, you may qualify for a temporary (or permanent) solution to help you get your finances back on track. Depending on your circumstances, staying in your home may not be possible. However, a short sale or deed-in-lieu of foreclosure may be a better choice than foreclosure — see the table below for more information:





Receive a new loan with lower interest rate or other favorable terms

Makes your payment or terms more affordable


Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below.

Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future.

Repayment Plan

Pay back your past-due payments together with your regular payments over an extended period of time.

Allows you time to catch up on late payments without having to come up with a lump sum.

Forbearance Plan

Make reduced mortgage payments or no mortgage payments for a specific period of time.

Have time to improve your financial situation and get back on your feet.


Receive modified terms of your mortgage to make it more affordable or manageable after successfully making the reduced payment during a “trial period” (i.e., completing a three-month trial period plan).

Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship.


Agree on a reduced debt balance (less than the balance due) that the debtor and creditor settle on.

The reduced debt balance will be regarded as payment in full (accepted settlement) to release the lien.

Short Sale

Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth.

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.

Deed-in-Lieu of Foreclosure

Transfer the ownership of your property to us.

Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available. This is useful when there are no other liens on your property.

The Loan Modification Scam Prevention Network is a national coalition of governmental and private organizations led by Fannie Mae, Freddie Mac, Neighbor Works America™, and the Lawyers’ Committee for Civil Rights Under Law.