Suleman's lawyer Jeff Czech said he reached the agreement with mortgage holder Amer Haddadin's attorney after weeks of negotiations.
Both Czech and Haddadin expressed confidence Wednesday that Suleman will be able to come up with the money. Czech said she has several financial deals in the works that he can't disclose.
"It's taking a while for them to come to fruition, but hopefully things will work out for her," Czech said. "We'll keep our fingers crossed."
Haddadin sold the home in the Los Angeles suburb of La Habra to Suleman's father, Ed Doud, for $565,000 last year. Haddadin threatened to foreclose after Suleman missed a March 10 due date for the balloon payment.
In addition to working on her financial deals, Suleman is scheduled to appear on "The Oprah Winfrey Show" on April 20 to talk about raising 14 children. The following day she is to appear in a skit on the "American Idol" charity show, "Idol Gives Back."
Suleman recently signed a deal with People For the Ethical Treatment of Animals that will give her $5,000 and a month's supply of veggie dogs and burgers for her family in exchange for placing a sign in her yard that reads, "Don't Let Your Dog or Cat Become an Octomom."
She turned down an offer from adult filmmaker Vivid Entertainment to pay off her house in exchange for making a porn film.
Suleman's octuplets celebrated their first birthdays in January. The oldest of her other six children is 8.
By John Rogers