Foreclosure
Foreclosure is the legal procedure used by a lender to sell real estate in order to pay off the mortgage when the homeowner has defaulted on the loan obligation. Receiving a notice that your home is about to be foreclosed upon is often an incredibly overwhelming and stressful situation. Homeowners fear losing their homes and often don't believe anything can be done. However, there are ways a homeowner may be able to avoid foreclosure. You may be able to remedy the default by working with your lender on a solution, including loan modification and affordable refinancing . A foreclosure attorney can advise you what options are available, given your particular situation.
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Frequently Asked Questions
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What is the Homeowner Affordability and Stability Plan?
Congress recently passed the Homeowner Affordability and Stability Plan (“the Plan”), which provides various options for homeowners who are feeling the pressure of their monthly … more -
How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale equal to the unpaid debt plus … more -
What is a loan modification, and how will it help me with my mortgage?
A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal of a loan modification is to … more
Legal Articles
- Different Types of Foreclosure
Foreclosure is an event that most homeowners want to avoid. In essence, all foreclosures involve a lender taking back property that secured a loan when the borrower has failed to make regular payments on that loan. However, not all foreclosures are the same. If you, like many Americans, are having trouble making your mortgage payments then it is important that you understand the … more - Understanding the Foreclosure Process
There is no question that a foreclosure can be emotionally difficult and that the reality of a foreclosure can be difficult to face. However, in order to prepare yourself and your family for the realities that a foreclosure can bring, it is important to understand what typically happens in the foreclosure process after you receive your foreclosure notice. Typically, a … more
Legal Guides
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How To Avoid Foreclosure
This guide, by the U.S. Department of Housing and Urban Development, provides valuable … more -
Homeowner Affordability and Stability Plan - Fact Sheet
This fact sheet from the Department of the Treasury describes the Obama Administration’s … more -
Partial Claim Fact Sheet (HUD)
This fact sheet from the Department of Housing and Urban Development explains the Partial Claim … more -
Deed-In-Lieu of Foreclosure Fact Sheet (HUD)
Thhis fact sheet from the Department of Housing and Urban Development explains the Deed-in-Lieu … more -
Special Forbearance Fact Sheet (HUD)
This fact sheet by the Department of Housing and Urban Development explains a homeowner's option … more
Hope for Homeowner's Act Eligibility
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Hope For Homeowners
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