There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.

If a homeowner wants to keep their home:

• Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
• Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
• Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
• HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
• Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
• All options listed are subject to approval of the lender.

If a homeowner does not want to keep their home:

• Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
• Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
• Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
• Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
• Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.

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DeLena began to sell Real Estate with a local Conventional Brokerage and soon decided that in order to grow she would need to affiliate herself with a much larger, International Company. She chose RE/MAX and that is when her career as a Realtor began to soar. After just her second year with RE/MAX (1993) DeLena ranked #5 in all of Ohio among RE/MAX Realtors. In addition to her numerous local recognizable awards with the Columbus Board and Ohio Association of Realtors, she was inducted into the RE/MAX International "Hall of Fame" and "Lifetime Achievement" (RE/MAX's highest achievement awards) as the youngest Realtor in RE/MAX History to attain this level of sales. She has been the recipient of RE/MAX's highest awards since her first full year with RE/MAX. She has been recognized in "Who's Who" in Residential Real Estate in North America for 1994, 1995, & 1996, and articles have been written about her in Ohio Realtor Magazine, In Contract Magazine, Columbus Executive Woman's magazine, Business First and Buon Giorno magazine, to name just a few. She has contributed her time as a Speaker on numerous "Top Producer" panels in 1993-2010 (ytd). In 2002 DeLena was nominated for the Ernst & Young Entrepreneur of The Year.

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