A pending FORECLOSURE can be stressful .

For Temporary problems ,options may include:

Forbearance  A lender may reduce or suspend payments for a short time,after which another option must be agreed on to bring the mortgage current.

Reinstatement   Lenders may discuss accepting a lump sum payment of the past due balance by a specific date.

Repayment Plan   A  borrower may be able to reach an agreement with the lender to start making regular payments,in addition to a portion of the past due amounts every month until the loan is  up to date.

For Long Term problems, options may include:

Mortgage Modification   If the borrower can make partial payment on the loan but does not have enough funds to bring the loan current theLENDER  may be willing to change some of the Terms of the original loan.

Examples include:

Adding the past due balance to the loan, Changing the interest rates,Extending the years to repay the loan .

If Keeping the home is not an option:   Alternatives include:

Sale   The lender may agree to a specific amount of time to find a buyer and pay off the loan in full.The borrower will be expected to obtain the services of a Realtor  to market the property VERY AGRESSIVELY.

Pre -Foreclosure SALE   If the property's value is not enough to pay back the amount owed in full the lender may take less than the full amount owed,This option may also include a small amount of time for the REALTOR to find a qualified buyer.

Assumption   The Lender may allow a qualified  buyer to assume the loan even if the original loan states that it is non assumable .

Deed in lieu   The lender may agree to let the borrower GIVE BACK the property and forgive the debt,This option may sound like the easiest way out but the  borrower must have tried to sell the home for its FAIR MARKET VALUE for at least 90 days. This option may not be available if there are other Liens on the property.