FAQ
You can learn more from our asked questions
Foreclosure is the legal process by which a lender takes possession of a property after the homeowner fails to make mortgage payments. Once the process is complete, the lender can sell the home to recover the remaining loan balance.
The process generally follows these steps:
- Missed payments by the homeowner
- Notice of Default or Lis Pendens is filed
- Opportunity to cure (redeem the mortgage)
- Eviction (if applicable)
The exact steps and timeline depend on the laws of your state
Yes, in many cases. Options include:
- Loan modification
- Repayment plan
- Short sale
It's best to consult with a foreclosure attorney or housing counselor as soon as possible.
