ResQ Home Solutions

Building Bridges Over Foreclosure Waters:
Expert Advice, Proven Results

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Foreclosure Options

Understanding Foreclosures and Auctions: The Importance of a Strategic Plan

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Loan Modification

Adjust mortgage terms for manageable payments.
Benefits: Lower monthly payments.
Watch Out For: Increased long-term costs, credit impact.

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Refinancing

Replace the mortgage with a new one
with better terms.
Benefits: Lower interest rates and payments.
Watch Out For: Closing costs, credit requirements.

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Forbearance Agreement

Temporary payment reduction or pause.
Benefit: Short-term relief.
Consideration: Repayment of missed amounts later.

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Traditional Sale

Sell to avoid foreclosure.

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Short Sale

Sell for less than owed, with lender approval.

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Deed in Lieu of
Foreclosure

Transfer home title to lender to avoid
foreclosure.
Benefits: Avoids foreclosure process.
Watch Out For: Tax implications, credit report impact.