Check Out These Special Offers From Our Affiliates! 

There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.

If a homeowner wants to keep their home:

• Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
• Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
• Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
• HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
• Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
• All options listed are subject to approval of the lender.

If a homeowner does not want to keep their home:

• Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
• Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
• Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
• Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
• Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.

	See All Tips In The "Foreclosures" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Lynn Garafola and Team Nest Builder
RE/MAX Platinum Group
200 Woodport Road
Sparta, NJ 07871
973-222-3777
Fax: 973-726-5757
LynnGarafola@NUMBER1EXPERT.com

Lynn Garafola, GRI, CRS, CLHMS, is a seasoned real estate veteran who has successfully closed more than $125 million in transactions and won numerous industry awards and accolades. Lynn has enjoyed helping over 400 families make moves in and out of Northern New Jersey over her 15 year career. Lynn is known for being a tireless advocate for her clients. When you are looking to buy, she takes the time to explore who you are and what you want, helping you discover what you need, what you like and what fits your budget. And then gets you into that home. When its time to sell, you can count on her guidance on preparing your home for sale and pricing it right. And then she takes over and markets it aggressively to get it sold for you. Not only is she very knowledgeable about the housing market in New Jersey, she is very personable and professional and stays in touch after the sale. You can count on Lynn to take care of ALL of your real estate needs. Call or email Lynn@MyNestBuilder.com today for an appointment with your real estate needs.

www.MyNestBuilder.com is brought to you by Lynn Garafola and Team Nest Builder
NUMBER1EXPERT™ in real estate for Sparta, Lake Mohawk and Randolph, New Jersey

Read Lynn Garafola and Team Nest Builder's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge