Your house will be sold at a public auction. A Foreclosure will be reported on your credit. The Lender may issue a deficiency judgment against you.
Forbearance
Lender voluntarily accepts lower payments than originally agreed to in loan documents for a specific time period to allow borrower to recover financially; borrower eventually must repay missing or reduced payments and all other remaining payments on loan.
Deed In Lieu of Foreclosure
Borrower deeds property, usually to lender, instead of waiting for lender to force sale of house in foreclosure.
Loan Modification Plan
Procedure in which a loan's terms, such as interest rate, monthly payment, or duration, are altered.
