Foreclosure: The Basics
If you're in foreclosure, facing foreclosure, or are about to fall behind on mortgage payments, it's crucial that you understand the foreclosure process—its procedures, your defenses, ways to avoid foreclosure, and consequences after foreclosure.
Start here to learn the basics: what foreclosure is, how it generally works, and what your options are for avoiding foreclosure. You will also find links to other topics that are crucial to understanding foreclosure, such as the timeline of the foreclosure process, deficiency judgments after foreclosure, and more.
Articles on the Basics of Foreclosure and Foreclosure Law
Articles on the Basics of Foreclosure and Foreclosure Law
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What is foreclosure? Get an overview of basic foreclosure terms, the steps in a foreclosure, and how to stop a foreclosure.
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The Statute of Limitations in Foreclosure Actions
If a lender starts a foreclosure against you after the statute of limitations has expired, you can raise this issue as a defense.
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How Soon Can Foreclosure Begin?
Usually, a foreclosure won’t start until you’re more than 120 days delinquent.
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Do I Need a Foreclosure Attorney?
If you're facing a foreclosure, find out when hiring a lawyer is a good idea—and when it might not be necessary.
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Your Options After the Foreclosure Sale
Learn what you can do after the foreclosure sale, from staying in the home for a certain period of time to buying the home back.
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Right of Redemption After Foreclosure
When available, the right of redemption allows you to get your home back after a foreclosure.
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Understanding the Foreclosure Crisis
Many factors caused the 2010 foreclosure crisis: the housing bubble, cheap credit, toxic mortgages, and lax lending regulations.
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Foreclosure rates will likely go up in 2023, but the country probably won’t go through another foreclosure crisis.
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After a two-year lull in 2020 and 2021, foreclosures in the United States are on the rise. But while foreclosure numbers are increasing, the figures are still below pre-pandemic levels.
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Get tips on what to do—and what not do—if you’re facing a foreclosure.
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What Happens When You Miss a Mortgage Payment
With each missed mortgage payment, you get closer to foreclosure.
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Federal law, state law, and your mortgage contract provide you with protections and rights in a foreclosure.
Your First Foreclosure Decision: Should You Stay or Should You Go?
MoreYour First Foreclosure Decision: Should You Stay or Should You Go?
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Strategic Default: Should You Walk Away From Your Home?
With a strategic default, you decide to let your home go through a foreclosure because it's a bad financial decision to keep it. Learn the consequences and alternatives.
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When It Makes Sense to Give Up Your House
If you are behind on house payments and find yourself significantly upside down with your mortgage, there’s not much point in trying to keep your house unless you can get your mortgage payment reduced under the federal Home Affordable Modification program.
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A foreclosure “trustee” is the party who typically handles a nonjudicial foreclosure.
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The servicer is the company that actually takes care of your mortgage account.
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A couple of states allow lenders to foreclose by court order, without holding a sale.
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Federal Laws That Protect Homeowners During Foreclosure
Federal laws protect homeowners when facing foreclosure.
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The Statute of Limitations in Foreclosure Actions
If a lender starts a foreclosure against you after the statute of limitations has expired, you can raise this issue as a defense.
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Federal Laws Protecting Homeowners: New and Existing Mortgages
Federal laws protect homeowners who have mortgages.
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Foreclosure Timeline: After You Miss Your First Payment
Generally, homeowners have to be more than 120 days delinquent before a foreclosure can begin.
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Foreclosure Timeline: After You Receive a Formal Notice of Foreclosure
Before you lose your home to a foreclosure sale, you'll get some sort of notice.
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Foreclosure Timeline: Getting Notice to Leave
Read about eviction after a foreclosure.
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Foreclosure Timeline: After the Sale
After the foreclosure sale, when a new deed has been recorded with a new owner’s name on it, you go from homeowner to tenant.
Protecting Your Home and Property During Foreclosure
MoreProtecting Your Home and Property During Foreclosure
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Ten Steps You Can Take to Prevent a Foreclosure
If you are a struggling homeowner in danger of falling behind in your mortgage payments (or if you’ve already fallen behind), you should be proactive when it comes to saving your home from foreclosure. Your mortgage lender doesn’t really want your home and will likely work with you to keep you in
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Right of Redemption Before a Foreclosure Sale
Learn about the right of redemption.
Foreclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
MoreForeclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
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What Happens If I Don't Pay My Second Mortgage?
If you fall behind on your second-mortgage payments, the lender might or might not foreclose, depending on the home's value.
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Investment Property vs. Second Home: What Is the Difference?
Learn the difference between a second home and investment property, and find out how it can affect the type of loan you can receive.
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What Happens to Liens and Second Mortgages in Foreclosure?
Learn what happens to liens and second mortgages in a foreclosure.
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What Might Happen If You Move Out During a Foreclosure: Fast-Track Laws
In some states, if you move out of your home during a foreclosure, the bank might expedite the foreclosure.
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Divorce and foreclosure often go hand in hand.
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Avoiding Foreclosure During Divorce
Here are your options to avoid foreclosure if you are divorcing—whether you want to get rid of or keep the home.
More About This Topic
- Divorce and Foreclosure
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Laws
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
- Foreclosure Terminology
- Foreclosure Timelines
- How to Handle a Foreclosure
- Protecting Your Home and Property During Foreclosure
- Special Foreclosure Laws and Protections for Military Servicemembers
- Your First Foreclosure Decision: Should You Stay or Should You Go?
- Divorce and Foreclosure
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Laws
- Foreclosure Rescue Scams
- Foreclosure: Second Mortgages, Home Equity Loans, Investments, and HELOCs
- Foreclosure Terminology
- Foreclosure Timelines
- How to Handle a Foreclosure
- Protecting Your Home and Property During Foreclosure
- Special Foreclosure Laws and Protections for Military Servicemembers
- Your First Foreclosure Decision: Should You Stay or Should You Go?
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 Resources
- 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 Resources
- 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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