Cohn, Goldberg & Deutsch, LLC provided this list of alternatives to foreclosure.  If you are having difficulty with your mortgage payments,  you sould contact your lender right away and also seek professional advice from your attorney or your REALTOR.  

Alternatives to Foreclosure

Deed In Lieu of Foreclosure

A Deed In Lieu of Foreclosure is an option if you do not qualify for any of the other alternatives and you do not have additional liens against your property. To avoid foreclosure you may be able to deed the property directly to the lender.

Forbearance Agreement

If you are unable to make a loan payment on your loan, you may qualify for a Forbearance Agreement. This is a formal repayment plan which if approved by our client will stay any pending foreclosure while payments are being made.

Repayment Plan

If your loan is past due for one, two, or three payments because of a temporary financial setback, you may qualify for a Repayment Plan. You must be able to make the monthly loan payment and pay an additional amount towards the past due amount each month until the loan is brought current.

Loan Modification Agreement

If you are unable to pay your past due loan payments, but you can meet your monthly obligations, our client may be able to make a Loan Modification by adding the delinquent escrow payments to your loan balance to bring your loan current. Your current mortgage interest rate must be within market guidelines. If you have any additional liens against your property, the lien holders must be willing to subordinate their interest to the new loan amount.

Short Sale

If you wish to sell your property, but the net proceeds from the sale is not enough to pay off your loan and you cannot afford to pay the shortage; the investor may allow you to sell your property without paying the entire amount due.

Cohn, Goldberg & Deutsch, LLC
Attention: Loss Mitigation
600 Baltimore Avenue, Suite 208
Towson, MD 21204-4084