What options do I have if I'm facing foreclosure?

If you are facing foreclosure on your residential real estate in Delaware, there are various options that can help you avoid foreclosure. It is important to know that foreclosure is a process and you have some time to act before the process is complete. One option you have is to seek financial counseling. A HUD-approved housing counselor can provide advice and help you look at issues that led to your foreclosure. Your counselor can also refer you to programs that can help you manage, reduce, or stop foreclosure. A second option is to work with your lender to modify your loan. Loan modifications may help you keep your home if you can afford the revised payment terms. Third, you may be able to negotiate with your lender to pay a lump sum to make up the arrearage on the loan. This is usually called a “forbearance agreement” and may include monthly payments to make up the arrearage over time. Finally, you may also be able to sell your home in a short sale. This means you would sell your home at market value and the proceeds of the sale would go to your lender to satisfy the loan. It is important to remember that if you are facing foreclosure, you have options to help you keep your home or avoid the impacts of foreclosure. Be sure to speak with a HUD-approved housing counselor, real estate attorney, and/or financial planner to explore your options.

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What options do I have if I'm facing foreclosure?

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