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9 Ways to Avoid Foreclosure

Posted By Michael Valdes @ Aug 7th 2012 11:51pm In: Foreclosures and Short Sales

What It Really Means & How to Avoid It

Ways to avoid foreclosure

9 Ways to Avoid Foreclosure:

REINSTATEMENT: Bring the loan current
FOREBEARANCE: Temporary repayment plan
REFINANCE: New loan with reduction in monthly payments
LOAN MODIFICATION: Modify original loan terms
SELL THE PROPERTY: Use equity to payoff or pay difference
RENT THE PROPERTY: Must make loan current
SHORT SALE: Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”
BANKRUPTCY: Will stall foreclosure but not prevent it


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