FORECLOSURE ALTERNATIVES
Falling behind does not mean every path leads to foreclosure. Start with what matters most: keeping your home if the payments can be made sustainable, or planning a transition that considers your equity and future housing needs. Your income, hardship, loan type, and any sale deadline help determine which options deserve a closer look.
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Summit helps you compare the available paths, the documents each requires, and the questions to ask your mortgage servicer. Approval is not automatic, and contacting us does not postpone a scheduled sale, but hiring us and submitting our representation can.
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Loan Modification
A Loan Modification brings you current on the loan by changes the terms of your existing mortgage. Depending on the program, it may adjust the interest rate, extend the loan term, or include overdue amounts in the balance. Review both the new monthly payment and the total cost over time to understand whether the arrangement is sustainable.
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Deferment
For a temporary hardship, your servicer may agree to a Deferment Plan. A Deferment allows a pause on payments for a limited time. This provides breathing room; it does not erase the missed payments. Before the relief ends, ask how those amounts will be handled and which repayment or other assistance options your loan permits.
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Forberance Repayment Plan
A repayment plan generally adds a portion of the overdue balance to your regular monthly payments until you catch up. It may follow deferment, but the two are different: forbearance provides temporary payment relief; a repayment plan addresses the missed payments. Make sure the combined payment fits your budget.
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Ready to compare your next steps?
Call 866-259-8777 for a free 30-minute consultation.
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MORE FORECLOSURE ALTERNATIVES
Reinstatement
If you can obtain the necessary funds, reinstatement may bring the loan current by paying the overdue balance and applicable costs. Ask your servicer for a written quote with an expiration date, and confirm how and when payment must be received.
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Short Sale
When a home would sell for less than the mortgage balance, a lender-approved short sale may provide an alternative to foreclosure. Approval, timelines, and treatment of any unpaid balance matter. Obtain the lender’s written terms and any agreed release from the remaining debt before closing.
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Deed in Lieu of Foreclosure
A deed in lieu is a voluntary agreement to transfer the home to the lender instead of completing foreclosure. It may help you arrange a planned departure when keeping or selling the home is not workable. The lender must agree, and other liens can complicate approval. Review the move-out date, any relocation assistance, possible tax consequences, and a written release from remaining mortgage debt.
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Mortgage Assumption
With an approved assumption, an eligible buyer takes over responsibility for an existing mortgage and its payments. Not all loans permit this, and the servicer may require the buyer to qualify. Confirm how overdue amounts and other liens will be handled, and obtain a written release of your liability where available. Simply letting someone make your payments is not the same as an approved assumption.
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Selling Your Home on Your Terms
If a sale fits your goals, compare a traditional listing with an investor offer. Look beyond speed: compare the price, closing costs, outstanding liens, and estimated proceeds you would receive. An offer should help you assess your choices, not pressure you into giving up equity.
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Choose Your Next Step With a Clear Understanding
Bring your latest mortgage statement, notices, and any scheduled sale date to your free 30-minute consultation. Call 866-259-8777 to discuss the options that may fit your circumstances.