Loss Mitigation
Retension
Loan Modification
A permanent change in the loan terms (such as interest rate, loan term, or principal balance) to help struggling borrowers make their mortgage payments more affordable.
Forbearance Plan
A temporary pause or reduction in mortgage payments for borrowers facing financial hardship, allowing time to recover before resuming regular payments.
Repayment Plan
An agreement between the lender and borrower to catch up on missed payments by spreading them over a set period while continuing regular monthly payments.
Reinstatement
The process of bringing a delinquent loan current by paying all past-due amounts, including principal, interest, and fees, in a lump sum
Liquidation
Short Sale
Selling a property for less than the outstanding mortgage balance with lender approval, allowing the borrower to avoid foreclosure while settling the debt.
Deed in Lieu of Foreclosure
