REINSTATEMENT
The Reinstatement amount equals the total amount that is past due including late fees and Attorney costs. This amount will allow you to immediately catch up with your Lender. Because of past financial circumstances, you may be facing a sizable amount of past-due fees, including back payments, late fees and legal expenses. If you are able to promise a lump-sum to bring your payments to a current status by a specific date (Right to Cure), you may be eligible for a Reinstatement. Maryland residents are currently allowed the Right to Cure up until one day prior to a foreclosure auction.
 
Repayment Plan
A work out plan (Repayment Plan) which will let you repay part of the delinquency each month over time, along with you regular monthly installment.
 
Loan Modification
A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain amount of time.
 
DEFEREMENT
When the past due payments are wrapped on to the back end of the loan.

Loan Refinance
Offers the ability to refinance your present mortgage to a more affordable monthly payment with better terms. There are several options available to homeowners, even if you are behind on your mortgage. Some programs even allow for refinancing at the homes current value.
 
Mortgage Forbearance Agreement

An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.
 

Partial Claim
This option is only available on FHA loans. Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or "Partial Claim" notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.
 
Short Sale
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.   Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
 
Deed-in-lieu of Foreclosure

The deed in lieu of foreclosure is where the borrower conveys their home back to the lender in exchange for being released from all obligations under the mortgage