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
- Renters Lose in Foreclosures
If a homeowner defaults on their mortgage the lender usually forecloses on the home and the homeowner loses it. What happens to the renters who pay their rent every month but live in homes whose owner has not been paying the mortgage? If you are a renter in a home or apartment building that is being foreclosed upon you are likely to be evicted. Do you have the right to stay? … more - Bankruptcy or Foreclosure?
Tough times require people to make difficult choices. The loss of a job, an economy that is in recession, rising fuel prices, an illness or an injury can all cause people to have a difficult time paying their bills. Sadly, some hardworking and well meaning people are forced to make the choice between having their home foreclosed or filing bankruptcy. There is no easy answer and … 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
Judicial Foreclosure
Mortgage Loan Fraud: Predatory Lending
FHASecure Refinancing Program
Power of Sale Foreclosures
Hope For Homeowners
Should You Let the Bank Foreclose?
Missed Your Mortgage Payments?
What is Loan Modification?
Worried About Making Your Mortgage Payment?
Denied a Loan Modification?
Loan Modification Scams
Can Home Foreclosure Be Prevented?
Strict Foreclosure
How Badly Does Foreclosure Affect Your Credit?
What is a Short Sale?
Foreclosure - The Legal Proceeding
Streamline Refinancing
Hope for Homeowner's Act Eligibility
Are You a Victim of Predatory Lending?
How Do I Find the Right Attorney for My Case?