Residential Foreclosure Alternatives

Summary

This practice note discusses commonly available residential foreclosure alternatives. These alternatives include loan refinance, modification, or forbearance; short sale or deed in lieu of foreclosure; the use of high loan to value (LTV) refinance programs (HIRO and FMERR); and the use of federal, state, and local COVID-19 protections. This practice note provides practical guidance to attorneys for both borrowers and lenders.