Reinstatement: Payment of the past due amount in one lump sum. This payment “cures” the default. Once the default is cured, you will be required to continue to make your regular monthly payments.

Payoff: Payment of the entire loan balance in one lump sum.

If you would like to pursue either of these options, send an email to this address:

reinstatement-payoff@mdk-llc.com

Repayment Plan or Forbearance Agreement: An agreement that allows you to pay the past due amount over a period of time, usually ranging from six to twelve months. Your monthly payment will include a portion of the past due amount plus your regular monthly payment.

Loan Modification: An agreement between you and the lender that permanently changes one or more of the terms of the loan, such as the interest rate.

Deed-in-Lieu of Foreclosure: Allows you to transfer ownership of your property to the plaintiff outside of the foreclosure action, which will avoid the need for a sheriff sale. After a deed-in-lieu of foreclosure, you will not owe any more money to the plaintiff. This option is usually not available if there is more than one mortgage on the property or if there are other liens on the property.

Short Sale: A private sale of the property for an amount that is less than the payoff on the loan. After a short sale, you will not owe any more money to the plaintiff.

If you would like to pursue one of these options, send an email to this address:
homeretention@mdk-llc.com

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