Other options/alternatives to the short sale. Mortgage
reinstatement and other ways to save your home.
Options you need to consider to avoid foreclosure.
There are several options that your lender may offer you if you miss a
payment and want to avoid foreclosure:
 A revised repayment plan. If you suffer a short-term financial setback
(expensive car repairs, a medical emergency), your lender may provide
some flexibility by agreeing to let you pay off your deficiency in
several installments over the next several months.
Loan modification. Many mortgage servicers can adjust the terms of your
loan -- most often by lengthening out the amortization schedule of your
loan, lowering the interest rate or rolling the deficiency into your
loan and reamortizing the new balance, all in an effort to bring your
loan current. No lender wants a mortgage in default.
Short sale. The subject of this site, the lender may allow you to sell
your home for less than the outstanding loan amount, takes the proceeds
and forgive you of any remaining debt.
Short refinance. The lender may release you of your existing debt and
refinance the outstanding balance into a new loan.
 Refinance with a "private money mortgage" loan. You may not like the
high rates and fees for this type of loan, one from a private lender,
but it may allow you to buy time to sell your home in an orderly fashion
and avoid default or foreclosure.
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