If you’re behind on your mortgage payments or have already defaulted on your loan, you might be able to avoid a foreclosure. You could be able to keep your home by working with your servicer and lender, figuring out a way to reduce your mortgage payments, like with a modification, or qualifying for a foreclosure assistance program. If walking away from your home is the best financial decision for you, you have other options, like a short sale, deed in lieu of foreclosure, or just letting the foreclosure happen.
Before you decide what to do, make sure you understand all of your options and their consequences.
Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgage loans from banks and other lenders.
If you have an FHA-insured loan and are struggling to make mortgage payments, HUD has programs to help you avoid foreclosure.
If you're struggling to pay your mortgage, you might be able to lower your payments with a loan modification.
Forbearance agreements, repayment plans, and loan modifications are different ways mortgage borrowers can avoid a foreclosure.
“Loss mitigation” is what the mortgage-servicing industry calls the process where borrowers and their loan servicer work together to avoid a foreclosure.
Learn what to do—and what not do—in the loan modification process.
Tips on when you should consider hiring an attorney to help you with a mortgage modification application.
Homeowners can avoid a foreclosure with a short sale or deed in lieu. Learn the difference between these two options.
Learn about common short sale obstacles and how a lawyer might be helpful in the process.
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At Nolo, we prioritize quality and transparency because we know how important reliable legal information is to our readers. Our information is meticulously researched, regularly updated, and written in plain English by our experienced writers and editors. Learn more about our editorial standards.