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Foreclosure Options

Repayment Plan (Forbearance Agreement) - Distributes your delinquent payments over a period of time, usually no more than 12 months. The monthly amount is added to the usual mortgage payment.

  •  Brings your account up to date within a specified time-frame.
  • With a goal in sight, you can move forward knowing that your home is secure.

Loan Modification - Adds any past-due interest and escrow amounts to the unpaid principal balance, which is then re-amortized over a new term.

  • Changes the mortgage note itself, giving you a fresh start on managing your home asset.
  • Brings your account up to date immediately.

Short Sale - Allows you to sell your home and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the home's market value is less than the total amount owed.

  • Avoids the lengthy legal process involved in foreclosure.
  • Generally less damaging to your credit rating than foreclosure if you remain current on your payments through the close of sale.

Deed in Lieu of Foreclosure - Allows you to transfer your property voluntarily to CFCU if you are unable to maintain payments and cannot sell the home at market value.

  • Avoids the lengthy legal process involved in foreclosure.
  • May be less damaging to your credit rating than foreclosure if you remain current on your payments through transfer date.
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