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Joe Zaky
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Trouble Making Payments?
Alternatives to Foreclosure

Options To Not Keep Your Home

How To Exit Gracefully

The following summarizes general options to avoid foreclosure but not keep the home. Even though you may not
be able to keep your home, it is important to work with your servicer during this process. Walking away
from your home without consulting with your servicer may result in a foreclosure reported in your credit 
file, tax consequences, and/or a deficiency balance for loan proceeds not recovered in a foreclosure sale. If
keeping your home is not a viable option, your loan servicer may have alternatives available to absolve the
mortgage and home.

In addition, there are government programs that give guidelines and incentives to servicers to offer some
of these retention options listed below. In fact, some programs can assist homeowners with some incentives 
for move out and relocation as well.

Sell the property – This is the best option if you cannot aff ord the mortgage payment and if there is
equity in the home (the value is more than the amount owed). Other considerations when deciding to
sell the home include the condition of the home and how much time you have.

Assumption - If allowed by the loan documents and if you fi nd another borrower willing and qualified
to take over your mortgage, they may assume your mortgage. The new borrower must meet the 
lender’s criteria.

Short Sale – If the market value is less than total amount owed, a short sale allows the borrower to sell 
their home and use the proceeds to pay the mortgage even though the proceeds will not be sufficient to
pay off the outstanding balance. The investor and mortgage insurer must agree to this option. There are 
many different short sale options and programs depending on the servicer and investor. 

Deed-In-Lieu of Foreclosure – The borrower transfers the property to the servicer if the home cannot 
be sold at market value. This option requires that the property be listed for a specified period of time, 
generally 90 days. There may be tax consequences.



IMPORTANT NOTICE: Long Realty Company is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer 
and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. Homeowner acknowledges 
that Broker/Agent is not qualified to provide financial, legal, or tax advice. Therefore, the Seller is advised to obtain professional tax advice and consult independent 
legal
 counsel immediately regarding the tax implications and advisability of entering into a short sale agreement. Long Realty Company does not charge an additional fee or
commission for its Mortgage Assistance Relief services. However, upon the successful sale of your property a commission will be paid to Long Realty Company per the terms of your Listing Agreement.