9 Ways To Avoid Foreclosure | ||
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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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