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Foreclosure is the legal process that allows your lender to take ownership of your property if you don’t pay your mortgage. The process usually begins after you miss 4 payments (when your account is 120 days past due). If we can’t find another solution — such as a loan modification or short sale — the process ends with your home being sold in a foreclosure sale.

We want to help you prevent that outcome. Even after the foreclosure process begins, please work closely with us to find other options.

How the process works

It’s important to understand that foreclosure follows its own path and timeline, distinct from the mortgage assistance process. That means the foreclosure process can begin and continue even while you’re actively working with us to find options that may help you avoid a foreclosure sale.

The foreclosure process:

  • May begin after your loan is 120 days past due.
  • Proceeds according to the laws in your state, which indicate either a judicial or nonjudicial process. Check for the laws in your state.
  • Includes communications from a third-party attorney who will let you know where you are in the process and what the next steps are.
  • May result in a date being set for a foreclosure sale and your home being sold, if certain conditions are not met.

If you’re worried about foreclosure, or you’ve been notified that the process has started, please contact a home preservation specialist right away.

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