Common Foreclosure Questions

Should I stop paying my mortgage so I qualify for a loan modification?

You don't have to default on mortgage payments in order to get a loan modification, and it's a bad idea to do so.

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 foreclosing party will ask the court for a default judgment.

What Is Strict Foreclosure?

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

Why Would a Lender Choose a Judicial Foreclosure Instead of a Nonjudicial Foreclosure?

In states that allow nonjudicial foreclosures, lenders sometimes, in some circumstances, decide to go through the courts instead. Find out why.

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 get the right 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 the terms of your mortgage contract by not having homeowners’ insurance in place, 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 default on a mortgage and end up in foreclosure. Transferring the home to a new owner might lead to a foreclosure, as well.

Should I stop paying my mortgage so I qualify for a loan modification?

You don't have to default on mortgage payments in order to get a loan modification, and it's a bad idea to do so.

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

A Pooling and Servicing Agreement (PSA) is the legal document that lays out the rights and obligations of certain parties over a pool of securitized mortgage loans. Read on to learn more about what a “securitized” mortgage loan is, how mortgage loans are securitized, and how the PSA relates to the

What is a notice of servicing transfer?

When you get a notice of servicing transfer, it means your loan servicer is changing.

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 Happens When You Miss a Mortgage Payment

With each missed mortgage payment, you get closer to foreclosure.

What's a Mortgage Servicer?

The servicer is the company that actually takes care of your mortgage account.

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

Question I was recently laid off from my job and can no longer afford to pay the high monthly payments on my home. Can I get help with my mortgage?

Does My Loan Servicer Have to Comply With Federal Mortgage Servicing Rules?

Most servicers have to follow federal mortgage servicing laws. Some “small servicers” are exempt, though.

What to Do If You Can’t Pay Your Mortgage Due to a Government Shutdown

If you aren’t getting a paycheck because of a government shutdown, you might be able to get payment relief from your mortgage servicer or other creditors.

If I'm Not on the Mortgage, Can the Bank Foreclose After My Spouse Dies?

If you're not on the mortgage and your spouse dies, you likely have options for keeping the home.

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

Question I was recently laid off from my job and can no longer afford to pay the high monthly payments on my home. Can I get help with my mortgage?

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

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