There are many options to help bring your mortgage current and avoid the foreclosure process.
| Option |
Description |
Benefits |
| Forbearance |
Delay or reduce payments until you can bring your mortgage current. |
Helps you get your finances back on track without the worry of losing your home. A good option if your situation is temporary. |
| Repayment Plan |
Distribute your delinquent payments over a period of time (usually no more than 6 months) to bring your mortgage current. You pay your normal monthly payment plus an additional portion of the past due amount. |
Gets your mortgage current within a defined time-frame without damaging your credit. |
| Modification |
Modify the terms of your current mortgage adding a portion of the past due amount to your unpaid principal balance. |
Allows you to stay in your home with terms/payments that meet your current financial needs. |
| Short Sale |
Market and sell your home to pay off your mortgage. |
Avoids the foreclosure process and minimizes the effects on your credit. |
| Deed-in-Lieu |
Transfer your property to Nationstar Mortgage if you have not been able to sell your house at fair market value for at least 90 days. |
Avoids the foreclosure process and can be less damaging to your credit rating. |
* Not all borrowers will qualify for all workout options.
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