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How to fend off a foreclosure

By Art C Ryter at 03/29/07 18:36

Offers tips on how to help avoid a forclosure. Five strategies are to modify the loan agreement to make payments affordable; schedule a new repayment plan; obtain a forebearance to suspend payments for a few months; sell pre-foreclosure and hope some equity makes it to your bank account; and finally ask to trade the deed-in-lieu of foreclosure, where the bank or lender takes the house and you walk away. Each of these sounds reasonable to avoid foreclosure.

Original source: CNN. How to fend off a foreclosure

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