What You Need to Know

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 respond to a foreclosure lawsuit, but don’t bring up any valid issues, the foreclosing party will likely ask the court for summary judgment.

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

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

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

If a lender starts a foreclosure against you after the statute of limitations has expired, you can raise this issue as a defense.

The 120-day foreclosure restriction under federal law applies to both payment-related breaches and non-payment-related breaches of the mortgage contract.

The terms of the mortgage or deed of trust you signed when getting your home loan usually define what constitutes default.

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.

MERS registers and tracks assignments of mortgages and servicing rights, avoiding the costs of having to record each loan transfer.

Fannie Mae and Freddie Mac are government-sponsored enterprises that buy mortgage loans from banks and other lenders.