How long after foreclosure starts will I have to leave my home?
It depends on the state where you live. This could last many months from the date you get the first foreclosure notice to the date the actual foreclosure sale is held. First, it is important to understand that in every ...
What happens after I complete an application to determine my options to avoid foreclosure?
It depends on your situation, but there are steps your servicer must usually take to evaluate your application. None Make sure your servicer receives your complete application more than 37 days before your scheduled foreclosure sale. Warning: Under ...
I can’t make my mortgage payments. How long will it take before I’ll face foreclosure?
The legal foreclosure process generally can’t start during the first 120 days after you’re behind on your mortgage. After that, once your servicer begins the legal process, the amount of time you have until an actual foreclosure sale varies by ...
I applied for a loan modification or other options to avoid foreclosure, but was denied help. My lender said I didn’t meet the qualifications for help. Can I appeal?
It depends. You can only appeal when you’re denied for a loan modification program. You can ask for a review of a denied loan modification if: You sent in a complete mortgage assistance application at least 90 days before your ...
I got a letter from my mortgage servicer about my application for help to prevent foreclosure of my mortgage. Can you help me understand some of the terms?
When you apply for help in avoiding foreclosure you are likely to come across words and technical terms that may be unfamiliar to you. This is another reason why it’s a good idea to get professional help from a HUD-Approved ...
What is arbitration and how does it affect my mortgage loan?
Arbitration is a way to address disputes outside the court system. If you have an issue with your mortgage loan, some protections that are generally available to you in court, like the right to appeal, may not be available in ...
Does my mortgage servicer have to help me avoid foreclosure?
Many mortgage servicers have to work with you to see if you qualify for ways to avoid foreclosure. Your servicer may refer to this as loss mitigation. None If you’ve missed payments on your mortgage loan, your mortgage servicer generally ...
My mortgage lender told me it was exempt from mortgage servicing rules. Is this true?
Maybe. Your lender could be exempt from certain mortgage servicing rules if it is a “small servicer.” None Definition of small servicer Your lender is considered a small servicer if it: Services 5,000 mortgages or less each year together with ...
What should I do if the house or apartment I’m renting goes into foreclosure?
Know Your Rights, look for notices, ask questions. You may want to consult an attorney. If your landlord stops paying the mortgage, foreclosure proceedings may begin. Some state and local laws may offer protections for renters in the foreclosure ...
What should I do if I have a reverse mortgage loan and I received a notice of default or foreclosure?
Act quickly. If you delay or ignore the notice, you could lose your home to foreclosure. None There are several ways you may have fallen into default on your reverse mortgage loan. You were late or missed paying your property ...
What should I do if I have a reverse mortgage loan and I can’t pay my property taxes or homeowners insurance?
If you can’t pay your property taxes or homeowners insurance, look for help right away. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan, require that you keep current on your property taxes and homeowners ...
As a servicemember, am I protected against foreclosure?
If you are in military service, the Servicemembers Civil Relief Act (SCRA) provides certain protections when it comes to issues related to mortgages and housing. If you took out a mortgage before entering active-duty military service (also known as a ...
What is a deed-in-lieu of foreclosure?
A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. See our handout for more information on how to avoid foreclosure. A deed-in-lieu of foreclosure may ...
How does foreclosure work?
Foreclosure processes differ by state. They are generally done in two ways. If done by filing a lawsuit, it is called "judicial foreclosure." In some states, the lender can foreclose without going to court, and that is called "non-judicial ...