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Navigate the Foreclosure Process

with DLS Realty Services


Pre-Foreclosure is a term used to describe a period during which a homeowner defaults on their mortgage payments and the lender has not yet foreclosed on the property. During this time, the homeowner may be able to take action to resolve the default and avoid losing the home to foreclosure. Here are a few potential pre-foreclosure solutions:

Repayment Plan

The homeowner and lender may agree on a repayment plan that allows the homeowner to catch up on missed mortgage payments over time. This could involve making larger payments each month until the default is resolved. The lender may also agree to extend the loan repayment period or modify the loan terms in order to make the payments more affordable for the homeowner. This plan is a good option for homeowners who have experienced any sort of temporary financial setback.

Forbearance Agreement

A forbearance agreement is a temporary agreement between the homeowner and lender in which the lender agrees to reduce or suspend mortgage payments for a specific period of time. This can give the homeowner some breathing room to get back on track financially. During the forbearance period, the homeowner is typically required to pay a portion of their mortgage payment or make interest-only payments. The remaining balance of the mortgage payments is either reduced or suspended for the duration of the agreement. This option is typically used when the homeowner is experiencing temporary financial hardship.


If the homeowner is struggling to make mortgage payments due to an increase in interest rates or a change in financial circumstances, refinancing the mortgage may be an option. This involves taking out a new loan to pay off the existing mortgage at a lower interest rate or with more favorable terms. Homeowners may choose to refinance their mortgage for a variety of reasons, including to obtain a lower interest rate, to switch from an adjustable-rate mortgage to a fixed-rate mortgage, or to borrow against the equity they have built up in their home. This option is a good option for those who are struggling to make their mortgage payments due to an increase in interest rates or a change in financial circumstances.

Selling Your Home

If the homeowner is unable to resolve the default on their mortgage, they may choose to sell the home in order to pay off the mortgage and avoid foreclosure. This could involve working with a real estate agent to sell the home on the open market, or negotiating a short sale with the lender. Keep in mind that a short sale is a sale of a home in which the proceeds from the sale are not enough to pay off the outstanding mortgage balance. In this case, the homeowner must negotiate with the lender to accept the sale proceeds as payment in full on the mortgage. This option is good for those who are facing pre-foreclosure and are unable to resolve the default on their mortgage.

Deed in Lieu of Foreclosure

A deed in lieu of foreclosure is an agreement between the homeowner and lender in which the homeowner voluntarily transfers ownership of the property back to the lender in exchange for the lender agreeing not to pursue a foreclosure. This option can be a way for homeowners to avoid the time and expense of a formal foreclosure process and can help them to move on from the mortgage and property more quickly. This can be an option for homeowners who are unable to sell their homes and are facing imminent foreclosure.

DLS  Realty Services

If you’re facing pre-foreclosure and worried about losing your home, know that there are options available to you. The DLS team has helped countless homeowners navigate the pre-foreclosure process and find solutions that work for them. Whether you’re in need of any of the options listed above, our team has the knowledge and experience to guide you through the process and help you find a solution that fits your needs. Don’t wait until it’s too late for options – contact us today to learn more about how we can help you avoid foreclosure and keep you in your home if you choose.

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