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
- Alternatives to Foreclosure
It can be very stressful to face a home foreclosure. Homeowners and their families who cannot afford to make their mortgage payments may feel that there is no alternative to letting their mortgage holder foreclose on the property. However, foreclosure is not a foregone conclusion and there are options available that individual homeowners and their mortgage providers can consider. … more - A Homeowner’s Rights During Foreclosure
Foreclosure can be an emotionally and financially difficult time in the life of a homeowner and it can affect not only the homeowner but also the homeowner’s spouse and children who live in the home being foreclosed. Therefore, it is important to be aware of your rights as a homeowner during every stage of the foreclosure procedure. State laws vary about the time frame 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
Missed Your Mortgage Payments?
Worried About Making Your Mortgage Payment?
Should You Let the Bank Foreclose?
Strict Foreclosure
Denied a Loan Modification?
Can Home Foreclosure Be Prevented?
Are You a Victim of Predatory Lending?
Hope for Homeowner's Act Eligibility
Power of Sale Foreclosures
How Badly Does Foreclosure Affect Your Credit?
What is a Short Sale?
Foreclosure - The Legal Proceeding
What is Loan Modification?
Indymac Mortgage Loan Modification
Hope For Homeowners
Judicial Foreclosure
Streamline Refinancing
Loan Modification Scams
Mortgage Loan Fraud: Predatory Lending
How Do I Find the Right Attorney for My Case?