If you’re behind in making your mortgage payments, you should take some time to learn the foreclosure procedures in your state. You should also find out about protections for homeowners under state and federal law. Once you know the laws, you can make the most of the foreclosure process and exercise your rights. You might be able to lower your monthly payments by applying for—and hopefully getting—a loan modification. Or you might find that you’re eligible for a mortgage payment assistance option, like a CARES Act forbearance. If you’ve decided that your home is no longer affordable, you might be able to give up the property without going through a foreclosure by working out a short sale or deed in lieu of foreclosure. Or you might decide to let the foreclosure go ahead and remain in the property payment-free during the time it takes to complete the process.
Before choosing which route to take, be sure that you understand your options and their consequences. In the articles below, you can learn the basics, including what foreclosure is, how it generally works, and ways to avoid foreclosure. You’ll also find articles on other topics critical to understanding foreclosures, like common defenses, deficiency judgments, redemption rights, and more.