Foreclosure: The Basics

Foreclosure Do's and Don'ts

Get tips on what to do—and what not do—if you’re facing a foreclosure.

What Happens When You Miss a Mortgage Payment

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

Your Rights in a Foreclosure

Federal law, state law, and your mortgage contract provide you with protections and rights in a foreclosure.

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.

Should I Try to Keep My Home or Let Foreclosure Happen?

If you’re facing a foreclosure, realistically assess whether you should try to keep your home.

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.

What's a Foreclosure Trustee?

A foreclosure “trustee” is the party who typically handles a nonjudicial foreclosure.

What's a Mortgage Servicer?

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

What Is Strict Foreclosure?

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

Federal Laws That Protect Homeowners During Foreclosure

Federal laws protect homeowners when facing foreclosure.

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.

Federal Laws Protecting Homeowners: New and Existing Mortgages

Federal laws protect homeowners who have mortgages.

Foreclosure Timeline: After You Miss Your First Payment

Generally, homeowners have to be more than 120 days delinquent before a foreclosure can begin.

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.

Foreclosure Timeline: Getting Notice to Leave

Read about eviction after a foreclosure.

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.

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

Right of Redemption Before a Foreclosure Sale

Learn about the right of redemption.

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.

What Is the Difference Between an Investment Property and a Second Home?

Learn the difference between a second home and investment property; it can affect the type of loan you get.

What Happens to Liens and Second Mortgages in Foreclosure?

Learn what happens to liens and second mortgages in a foreclosure.

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 or “fast track” the foreclosure.

Foreclosure & Divorce

Divorce and foreclosure often go hand in hand.

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.