What are some of the best alternatives to foreclosure?

Some of the best alternatives to foreclosure are what’s called loss mitigation. Loss mitigation involves a loan modification, it involves a short sale, it involves a deed in lieu with a waiver of a deficiency, and it involves cash for keys. It really depends on what the client wants to do. If a client wants to keep the property the common resolution or the common process we’d use would be a loan modification.

If the client doesn’t have an interest in keeping the property, you may want to process a short sale, may want to do a deed in lieu of foreclosure with a waiver of deficiency.