Mar 21 2020

#Foreclosure #Foreclosure



Foreclosure: The Basics

If you are in foreclosure, facing foreclosure, or just falling behing on mortgage payments, it’s crucial that you understand the foreclosure process — its procedures, your defenses, ways to avoid foreclosure, and consequences after foreclosure.

Start here to learn the basics — what foreclosure is how it generally works, and what your options are for avoiding foreclosure. You will also find links to other topics that are crucial to understanding foreclosure, such as the timeline of the foreclosure process, deficiency judgments after foreclosure, and more.

Articles on the Basics of Foreclosure and Foreclosure Law

Answers to your questions about your home when you are facing divorce, including who is responsible for the mortgage and how to avoid foreclosure.

In some states, if you move out your home during a foreclosure, the bank may expedite or “fast-track” the foreclosure.

Learn what you can do after the foreclosure sale, from staying in the home for a certain period of time to buying the home back.

A few states allow lenders to foreclose by court order, without holding a sale.

If you decide not to fight the foreclosure of your home, you don’t have to leave right away. Learn more.

Learn what to do if property preservation workers let themselves into your home and take your stuff or damage your property, as well as what to do so this doesn’t happen in the first place.

The servicer is the company that actually takes care of your mortgage account.

If you’re facing a foreclosure, realistically assess whether you should try to keep your home.

Find about your loss mitigation rights, what foreclosure notices you’ll receive, your right to challenge the foreclosure, and more.

Articles on the Basics of Foreclosure and Foreclosure Law (Continued)

In states that allow nonjudicial foreclosures, lenders sometimes, in some circumstances, decide to go through the courts instead. Find out why.

Learn about your options once you decide to give up your property and how you might be able to save money during a foreclosure.

A foreclosure “trustee” is the party who handles a nonjudicial foreclosure.

Federal rules protect homeowners who have mortgages.

Learn the basic steps in a typical judicial foreclosure.

Learn what happens in a typical nonjudicial foreclosure.

If you want to save your home from foreclosure, proactive and responsive communication with your servicer is critical.

Overview Items

Get an overview of basic foreclosure terms, steps in a foreclosure, and possible defenses to foreclosure.

Mortgage servicers handle the day-to-day management of your loan account.

Learn how Fannie Mae fits into the mortgage market in the United States.

Freddie Mac is a government-sponsored enterprise that buys mortgage loans from banks and other lenders.

Most servicers have to follow federal mortgage servicing laws. Certain “small servicers” are exempt though.

Get tips on what to do—and what not do—if you’re facing a foreclosure.

Dealing with the transition when your lender transfers your home loan to a new owner or servicer.

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