FORECLOSURE ALTERNATIVES
Missed mortgage payments or a foreclosure notice can leave you wondering what to do next. Depending on your loan, finances, and timing, alternatives may be available.
Summit Real Estate Law Firm helps homeowners evaluate loss mitigation and foreclosure defense options. We can help you understand the choices, prepare for discussions with your servicer, and identify the next steps for your circumstances.
Loan Modification
A modification changes the terms of an existing mortgage. It may adjust the interest rate, extend the repayment term, or address overdue amounts. Approval and available terms depend on your loan and servicer.
Repayment Plan
A repayment plan spreads overdue payments over time while you continue making your regular mortgage payments. This may be appropriate when a temporary hardship has ended and you can afford the additional payments.
Forbearance
Forbearance temporarily pauses or reduces mortgage payments. It does not erase the debt. Before agreeing, understand how missed payments will be handled when the forbearance period ends.
Ready to discuss your options?
Call Summit Real Estate Law Firm at (866) 259-8777. If you have a foreclosure sale date, tell us when you call.
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FORECLOSURE OPTIONS
Reinstatement
If funds are available, reinstatement may allow you to bring the loan current by paying the overdue amount and applicable costs. Ask your servicer for a written reinstatement quote and the deadline that applies to your loan.
Short Sale
A short sale involves selling your home for less than the mortgage balance, with the lender’s approval. It means leaving the home. Review whether any remaining debt will be waived in writing before agreeing.
Deed in Lieu of Foreclosure
This involves voluntarily transferring ownership to the lender. It may be an alternative when keeping the home is no longer feasible. Understand the terms, any remaining debt, and potential tax consequences before signing.
Choose Your Next Step With Clear Information
No single option fits every homeowner. Eligibility, lender approval, state law, and foreclosure deadlines can affect what is available. Contacting the firm or applying for assistance does not automatically stop a foreclosure sale.
Call (866) 259-8777 to discuss your situation with Summit Real Estate Law Firm. Have your mortgage statement, recent notices, and any sale date available when you call.