What are my possible options?

Known as “workouts,” foreclosure prevention options fall into two categories: those that allow you to retain ownership of your home and those that do not. Either way, you avoid the impact of foreclosure.

Take the Mortgage Options Assessment.

Retain Ownership of Your Home:

By working together with your lender, you may be able to find an alternative to foreclosure:
Refinance: pay off your existing mortgage loan with the proceeds from a new loan.
Forbearance Plan: allows the suspension of all or part of your monthly payment for a specified time period, based on lender agreement.
Repayment Plan: catch up on missed payments by paying more than one full payment per month until your account is brought current.
Loan Modification: allows changes to the original terms of your promissory note which may include any combination of the following: an adjustment to your interest rate; an extension of the term of your loan; or an increase in your loan amount by the amount past due.

When Homeownership is No Longer an Option:

Even if you are unable to keep your home, there are options to foreclosure:
Short Sale: occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien secured to the property upon receipt of less money than is actually owed.
Deed-in-Lieu of Foreclosure: allows the transfer of a property to the lender without going through the foreclosure process. This is usually a “last resort” option and may follow other options such as an attempt to sell the property.

Lender/Servicer Programs Designed to Help:

Contact your lender to see if you qualify for the U.S. Treasury's Making Home Affordable programs, the FHA's HOPE for Homeowners, or other available programs. You can find your lender's contact information on your mortgage statement or coupon book. Or click here for a list of servicers.

Making Home Affordable
This consumer website provides detailed information about the foreclosure prevention programs introduced by the Obama Administration, along with self-assessment tools and calculators to help you determine your eligibility for a refinance or modification under the Making Home Affordable program.

Home Affordable Refinance Enables homeowners with a solid payment history to take advantage of today’s lower mortgage rates or more favorable loan terms. Home Affordable Modification Helps at-risk homeowners reduce their monthly mortgage payments.

FHA HOPE for Homeowners
Prevents qualified homeowners from defaulting by refinancing their loans into affordable, fixed-rate mortgages.