Title: Understanding Your Foreclosure Rights | Credit.com
Headings: Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Foreclosure Defined
What Happens When a House Goes into Foreclosure
Foreclosure and Your House-Related Debt
Lenders’ Obligations in a Mortgage Foreclosure
Ways to Stop or Prevent a Foreclosure
Defenses Against Foreclosure
Tax Issues Related to Mortgage Foreclosure
How Mortgage Foreclosure Impacts Your Credit
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Content: The Servicemembers Civil Relief Act is intended in part to protect deployed active duty service people. If you are a member of the armed services, consult an attorney about your rights as they concern foreclosure proceedings. Ways to Stop or Prevent a Foreclosure
The best way to stop a foreclosure is to take action to prevent the lender from beginning the process. When possible, try these proactive ways to save your home from a foreclosure. Catch up on your default. In many cases, the first notice of default provides you with options for catching up on what you owe. If you can make up your payments and stay current, the lender is much less likely to foreclose. Ask for a loan modification. Many lenders will work with you if you need help making your loan payments. Modifications can help you catch up on late payments or potentially reduce the amount you pay temporarily if you’re experiencing financial hardship.