Reinstatement:  the homeowner pays in full all missed payments, late fees and legal fees due up to the date the loan is reinstated.  This really only works if the financial distress was temporary and has been resolved.

Forbearance or Re-Payment Plan: Some lenders will negotiate a repayment plan that may the homeowner does not have to re-pay all the missed payments and fees to avoid foreclosure. The lender can allow to pay the missed payments over a period of time, or place them at the end of the loan.

Sell the Property: If the owner has equity in their property they can sell it and cure the foreclosure.  An experienced licensed agent can help harvest as much hard earned equity as possible by being aware of the foreclosure timeline and pricing the property accordingly.

Rent the Property: An owner facing foreclosure may have payments low enough to be covered by rental payments.  This is sometimes a short term solution as taxes, insurance and repair expenses may be more than an owner can afford.  In a declining marketing, renting to sell later may not be the best plan.

Refinance:  It can be possible for an owner to refinance out of a high interest rate into a lower more stable rate.  This solution does require that an owner have verifiable income and good credit.

Mortgage Modification: This is sort of an informal refinance where the lender lowers the interest rate on an existing loan.  Owners must have the means to afford the new payment.

Short Sale: An owner owes more than the property can sell for, but their current situation (job loss, transfer, death in the family, divorce etc) forces the sale.  Some lenders do agree to consider the seller’s loan paid n full even if the full payoff is not paid.  Short sales can be a great solution to a sticky problem.  They are labor intensive and best handled by licensed realtors in conjunction with an accountant and attorney.   I am trained to handle these transactions.  Contact me, Leslie Jones, for information on this process.