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, you might qualify for certain government programs, and you may even consider bankruptcy.
Top Related Foreclosure Topics:
Foreclosure laws and regulations may very depending on your state and your lender. If you are facing a foreclosure, an experienced foreclosure attorney may be able to develop a solution that could lead to you being able to stay in your home.
For assistance with your case, click here to find Foreclosure Attorneys near you or find an attorney in a different state.
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Frequently Asked Questions
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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 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 -
When and why does foreclosure begin?
Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in … more
Legal Articles
- The Mortgage Forgiveness Debt Relief Act of 2007
In December 2007, the federal government enacted the Mortgage Forgiveness Debt Relief Act. The Act was meant to provide tax relief to taxpayers who had debt forgiven on their primary residence and to help struggling homeowners. The Purpose of the Mortgage Forgiveness Debt Relief Act The idea behind the law was to help homeowners avoid foreclosures by not taxing them … more - How To Avoid Foreclosure
Are you facing foreclosure? More and more people are finding themselves in the difficult and unfortunate position of anticipating foreclosure of their homes. However, there may be alternatives to foreclosure. The options may vary depending upon your situation and you should contact your lender to explore those options sooner rather than later. The good news is that … 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 -
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 -
Partial Claim Fact Sheet (HUD)
This fact sheet from the Department of Housing and Urban Development explains the Partial Claim … more -
Loan Modification Fact Sheet (HUD)
This fact sheet from the Department of Housing and Urban Development explains loan modification … more -
Special Forbearance Fact Sheet (HUD)
This fact sheet by the Department of Housing and Urban Development explains a homeowner's option … more
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