[877YouKeep]

1. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.- This is when the lender modifies your current mortgage in order to work with you and make your mortgage more affordable. In the past this was only used when a borrower was delinquent but now it is being used before someone is delinquent. This will be the hottest term and way to help people avoid foreclosure.
2. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. - This is used most of the time, when a Notice of Default has been filed. You are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status.
3. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. - This is used when all negotiations for a loan workout have failed and you are upside down on your mortgage meaning you owe more than it's worth.
4. Deed-in-lieu - is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan.
7. Chapter 13 Bankruptcy - Is primarily used to stop foreclosure of your home. In order to qualify you will have to have a steady income.The bankruptcy petition would need to be filed before the sale date of your property.