REINSTATEMENT -
Homeowner requests the total amount owed to bring mortgage payments current and pays it. 

FORBEARANCE OR RE-PAYMENT PLAN -
Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time.

SELL THE PROPERTY-
Homeowner with sufficient equity lists their property with a qualified agent that understands the foreclosure process in their area.

RENT THE PROPERTY-
Homeowner with a mortgage payment low enough that market rent will allow it to be paid converts their property to a rental.

MORTGAGE / LOAN MODIFICATION-
Homeowner negotiates with the lender to modify the interest on the loan, the principal balance, or any combination of these, resulting in a lower payment.

HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM (HAFA)-
Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.

SHORT REFI-
Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.

DEED-IN-LIEU OF FORECLOSURE-
Homeowner returns the property to the lender rather than go through the foreclosure process.

DEED FOR LEASE-
Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.

REFINANCE-
Homeowner will significant equity in his/her property and good credit standing refinances their mortgage.

BANKRUPTCY-
Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.

SERVICEMEMBERS CIVIL RELIEF ACT (SCRA 303)-
A member of the military who is experiencing financial distress due to deployment (and can prove entered into debt before employment) qualifies for temporary relief under this act.

HOMEOWNERS ASSISTANCE PROGRAM-
A member of the military or federal employee qualifies for this program which has a variety of assistance programs including private sales, government purchase, and/or foreclosure assistance.

SHORT SALE-
Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed. 

Call or email me today if you need any assistance in these options.  I can help! 

Janene Spencer
Realtor
RE/MAX Platinum
(810) 844-2633 Direct
jspencerhomes@gmail.com email