What are my options if I'm facing foreclosure?

Foreclosure is a process, not a single event, and there are almost always options before it's over. Those options shrink as time passes, so the sooner you understand what's available, the better.

Foreclosure takes weeks to months depending on your state, and there are options at nearly every stage. The key is acting before those windows close.

Options that may still be available

• Loan modification. Your lender may agree to restructure the loan by extending the term, reducing the rate, or adding missed payments to the back end. This keeps you in the home and stops the foreclosure.
• Forbearance agreement. Lenders can temporarily pause or reduce payments. This buys time but not forgiveness. The missed amounts have to be repaid eventually.
• Short sale. If you owe more than the home is worth, a short sale lets you sell with lender approval for less than the balance. The lender may forgive the deficiency or pursue it, depending on your state and the agreement.
• Deed in lieu of foreclosure. You hand the property back to the lender voluntarily. Less damaging than a full foreclosure on your credit, and faster.
• Sell before foreclosure completes. If there's equity, selling quickly can let you recover that equity and avoid the full credit damage of a completed foreclosure.
• Bankruptcy. An automatic stay stops foreclosure immediately. Talk to a bankruptcy attorney to understand if this is the right path.

Which option is available depends on how far along the foreclosure is, your loan type, your lender, and your state's laws. This isn't legal advice, but we'll give you an honest map of what we see available and connect you with the right people if another path makes more sense.