There are a couple of different home retention options as well as liquidation options.
In terms of keeping your home, the possibilities are pretty much limited to:
- Forbearance (temporary suspension or reduction of your payments)
- Repayment plan (repaying what is past due and reinstating your mortgage)
- Loan modification (restructuring your current loan to bring you current while lowering your monthly payments)
If you’re open to getting out of your home, you might get approved for a:
- Short sale
- Deed in lieu of foreclosure
Keep in mind that the lender isn’t obligated to approve any of the these options, but with proper preparation and representation, you might have a good chance at getting your first choice, or at least your backup option.
The lender may also not agree to any of the above options, but may be open to considering:
- Cash for keys
- Giving you more time to get out of the home
- Relocation incentives