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.
What Is Fannie Mae or Freddie Mac?
Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgage loans from banks and other lenders.
Help for Homeowners With FHA Loans
If you have an FHA-insured loan and are struggling to make mortgage payments, HUD has programs to help you avoid foreclosure.
Get Foreclosure Relief From State Hardest Hit Fund Programs
Check out the chart below to find out if you live in a state that has an open Hardest Hit Fund program.
How to Get a Mortgage Loan Modification
If you're struggling to pay your mortgage, you might be able to lower your payments with a loan modification.
How to Stop Foreclosure: Forbearance Agreement, Repayment Plan, and Loan Modification
Forbearance agreements, repayment plans, and loan modifications are different ways mortgage borrowers can avoid a foreclosure.
What Does “Loss Mitigation” Mean?
“Loss mitigation” is what the mortgage-servicing industry calls the process where borrowers and their loan servicer work together to avoid a foreclosure.
Do’s and Don’ts for Getting a Loan Modification
Learn what to do—and what not do—in the loan modification process.
Should I Hire a Lawyer to Help With My Mortgage Modification?
Tips on when you should consider hiring an attorney to help you with a mortgage modification application.
Short Sales vs. Deeds in Lieu of Foreclosure
Homeowners can avoid a foreclosure with a short sale or deed in lieu. Learn the difference between these two options.
Get Foreclosure Relief From State Hardest Hit Fund Programs
Check out the chart below to find out if you live in a state that has an open Hardest Hit Fund program.