Foreclosure is a solution that no one wants to reach. In the process, families lose homes, neighbors and financial stability, and lenders almost always lose money. In the end, no one wins. We asked our realtors and real estate lawyers how to fight off foreclosure. Their responses in our “How Can I Protect Against Foreclosure?” post have been distilled–along with information from the U.S. Department of Housing and Urban Development–into the infographic below.

Fight off Foreclosure

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Fighting off Foreclosure

When your payments start sliding, it’s good to know about the top four defenses for yourself and your home

Mortgage Modification
Your existing loan is adjusted in order to accommodate your financial abilities.
• Allows you to keep your home
• Reduces your loan payment or interest rate for a time
• You may have to give up some rights on your loan
• The reduced rate is only temporary
Short Sale
Your home is sold quickly at a significantly reduced value
• Not reported on your credit history; credit score drop is small
• Can eliminate your debt quickly
• You might still owe money after the sale
• You lose your home, and have little time to find a new one
Deed-in-Lieu of Foreclosure
The deed of your home is given to the bank or lender you borrowed from to buy it
• If the deed does not cover the full debt, you can sometimes acquire a deficiency waiver for the rest
• Lenders are less open to using this option, because selling the house is then their responsibility
Forbearance of Payments
You are given a brief respite from mortgage payments

Resources:,, eLocal Network’s