Common Foreclosure Questions

If a judgment lien is on your home, and that property is foreclosed, the judgment lien is wiped out.

In some instances, panicked homeowners leave their home after missing a few mortgage payments or once a foreclosure is initiated. However, you have the legal right to remain in your home until the foreclosure process is completed.

If you don’t respond to a foreclosure lawsuit, the lender will ask the court for a default judgment.

If you buy a foreclosed home, the former owners might be able to redeem (repurchase) the property. But redemption rarely happens.

If you breach your mortgage contract by not having homeowners’ insurance, you might face added costs and, eventually, foreclosure.

Nonpayment isn't the only way to end up in foreclosure. Transferring the home to a new owner might also lead to a foreclosure.

Question I want to pay off my mortgage loan so I called the servicer (the company I make my payments to) to ask how much it would cost. The representative that I spoke to told me to send my request in writing and then they would send me a payoff statement with the total amount due. I sent my written

If you're behind on your mortgage payments, the loan servicer (on behalf of the lender) can charge various fees and costs. Learn about them.

Here's how to find out who owns your mortgage and who services it.

Mortgage servicing companies handle borrowers' accounts. Find out if you can change your mortgage loan servicer.

If you're unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over.

If you're unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over.

How to deal with the transition when your lender transfers your home loan to a new owner or servicer.