Options for Keeping Your Home
If you wish to keep your home, you may consider the options listed in this section, and asking us to help determine your eligibility for them.
The following are short summaries of your options for selling your home. Please click the titles to review them in depth...
Loan Modification
For qualified homeowners, the lender modifies the mortgage payment into a more financially manageable sum by restructuring the terms of the loan.
Reinstatement & Repayment
The homeowner pays the entire loan default amount plus interest, attorney and late fees, taxes and missed payments.
Forbearance
This agreement between the borrower and lender allows the homeowner to make up missed mortgage payments. The lender provides temporary payment reduction or suspension depending on the borrower’s financial situation.
Refinance
If you have equity, no financial hardship, make mortgage payments on time and are not in foreclosure, refinancing is a very worthwhile option.
Rent
Because rental properties are still very desirable in the Bay Area, the rent you can get for your home may be sufficient to cover the mortgage payment.
Bankruptcy
Bankruptcy cannot prevent foreclosure, but it can delay it, giving homeowners time to liquidate debt and save money.
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