This checklist compares your options side-by-side so you can make a smart decision about your home.

Option Description Stay Move Owe

Bank Money

On Credit History # Years Before You Can Buy
1.  Reinstatement

 

Catch up on payments X Yes Yes
2.  Mortgage Forbearance Hold off on payments

 

X Yes No
3.  Refinance Pay less each month

 

X Yes No
4.  Loan Modification Pay less each month

 

X Yes Yes
5.  SCRA (military only) Hold off and/or pay less

 

X Yes No
6.  Rent Find renter to cover mort.

 

X Yes No
7.  Sell Get buyer to pay full price

 

X No No
8.  Bankruptcy  

Declare insolvency

X No Yes 2 to 7 years
9.  Deed-in-lieu Give home deed to bank

 

X Some-times Yes 2 to 4 years
10. Short Sale Sell for less than owed X Not Usually Yes 2 to 3 years

 

Foreclosure Bank takes back home   X Usually Yes 5+ years

 

Prepared by:  Joan Weisman, REALTOR® and Foreclosure Resolution Specialist

If you’d like to discuss any option in detail, please call me at:  (310) 981-8535

Foreclosure Is Not An Option.

 
NOTICE:  The information contained in this checklist is intended for informational purposes. It should not substitute as legal, tax, accounting, investment, or other professional services advice.  Always seek a competent professional for answers to your specific questions.  This is not intended to solicit real estate properties currently for sale.