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FORECLOSURE What it really means and how to avoid it.... REINSTATEMENT: Bring the loan current FOREBEARANCE: Temporary repayment plan REFINANCE: New loan with reduction in monthly payments LOAN MODIFICATION: Modify original loan terms SELL THE PROPERTY: Use equity to payoff or pay the difference RENT THE PROPERTY: Must make loan current SHORT SALE: Negotiate with bank to accept sale under loan amount DEED IN LIEU OF FORECLOSURE: "friendly foreclosure" BANKRUPTCY: Will stall foreclosure but not prevent it. If you are about to or have already missed payments contact us right away. The sooner you do the more options we can offer. Again, our services are free to homeowners in distress. Re/Max Select |
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