Common Foreclosure Questions

What Happens to Judgment Liens During Foreclosure?

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

When Do You Have to Leave Your Home When It's in Foreclosure?

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. This process can take a few months or, in some cases, as much as a year.

What Happens to My Home If I Don't Pay Income Taxes?

If you are a homeowner and you fail to pay your federal income taxes, the Internal Revenue Service (IRS) can get a lien on your home. Once this happens, the IRS could eventually decide to foreclose on your home in order to collect the debt, although the IRS rarely does this. It is more likely that the

What’s a Default Judgment in a Foreclosure?

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

What Is Strict Foreclosure?

A couple of states allow lenders to foreclose by court order, without holding a sale.

If I Buy a Home in Foreclosure, Can Its Owners Later Get It Back ("Redeem" It)?

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

Can I Lose My Home to Foreclosure If I Don’t Pay for Homeowners’ Insurance?

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

Can I Lose My Home to Foreclosure If I Transfer the Property to a New Owner?

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

What Is a Pooling and Servicing Agreement (PSA) In the Mortgage Industry?

A pooling and servicing agreement (PSA) lays out the rules governing a bundle of securitized mortgage loans.

What happens if my mortgage servicer doesn't send me the payoff statement that I requested?

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 I'm Late on Mortgage Payments, What Fees Can the Lender Charge?

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.

How Do I Find Out Who Holds My Mortgage?

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

How and when must the mortgage servicer notify me of payment changes on my adjustable rate mortgage?

Learn about notification rules for payment amount changes on adjustable rate mortgages.

What's a Mortgage Servicer?

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

I lost my job, can I get help with my mortgage?

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

I lost my job, can I get help with my mortgage?

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

What Happens If My Mortgage Is Sold to a New Owner or the Servicer Changes?

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