Alternatives to Foreclosure
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.
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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.
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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.
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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.
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Help for Homeowners Facing Foreclosure After a Natural Disaster
In the wake of a natural disaster, such as Hurricane Katrina or Superstorm Sandy, there are certain foreclosure protections available for homeowners.
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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.
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What's the Difference Between a Forbearance Agreement, Repayment Plan, and Loan Modification?
Forbearance agreements, repayment plans, and loan modifications are different ways that borrowers can avoid foreclosure.
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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.
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Do’s and Don’ts for Getting a Loan Modification
Learn what to do—and what not do—in the loan modification process.
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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.
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Short Sales vs. Deeds in Lieu of Foreclosure
Both short sales and deeds in lieu can help homeowners avoid foreclosure. Learn the difference between the two options.
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If you are a homeowner facing foreclosure, a short sale might sound like the perfect solution to avoid foreclosure.
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Do I Need a Lawyer for a Deed in Lieu of Foreclosure?
Question I took out a mortgage loan a couple of years ago, but got in over my head.
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Should I Hire a Lawyer to Help With My Short Sale?
If you’re a struggling homeowner facing foreclosure and thinking about selling your home in a short sale, you’ll need to decide whether you should hire an attorney or a real estate agent—or both—to help you with the process.
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Save Your New York Home From Foreclosure: The Homeowner Protection Program
New York’s Homeowner Protection Program (HOPP) provides housing counseling services and other foreclosure relief to homeowners.
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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.
More About This Topic
More Legal Topics
- After Foreclosure
- Delaying or Stopping Foreclosure
- Fighting Foreclosure in Court
- Foreclosure and Bankruptcy
- Foreclosure Lawyers & Other Foreclosure Help
- Foreclosure of Mobile and Manufactured Homes
- Foreclosure: The Basics
- Homeowners’ Associations (HOAs & COAs)
- Losing Your Home in a Tax Sale
- Reverse Mortgages
- State Foreclosure Laws
- Tenants and Foreclosure
- Timeshare Foreclosures
- Understanding Mortgages & The Major Players in a Foreclosure
- After Foreclosure
- Delaying or Stopping Foreclosure
- Fighting Foreclosure in Court
- Foreclosure and Bankruptcy
- Foreclosure Lawyers & Other Foreclosure Help
- Foreclosure of Mobile and Manufactured Homes
- Foreclosure: The Basics
- Homeowners’ Associations (HOAs & COAs)
- Losing Your Home in a Tax Sale
- Reverse Mortgages
- State Foreclosure Laws
- Tenants and Foreclosure
- Timeshare Foreclosures
- Understanding Mortgages & The Major Players in a Foreclosure
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