To FORECLOSE or SHORT SALE
To FORECLOSE OR SHORT SALE
When it seems like you have your back to the wall, you tend to not think about your options when you are in default on your mortgage. It is a very stressful time. Your head is spinning.
Here are some options for you to consider when in default:
1. Reinstatement of Loan (Cure): This option is paying the lender everything that is owed in one lump sum to include missed payments, any late fees associated with these payments, foreclosure fees, legal fees and the principal owed during the delinquency.
2. Repayment Plan: This is a written agreement between the lender and you, the seller. These plans require higher payments than the regular monthly mortgage amount for a period of time until the loan is brought up-to-date.