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
Get your FREE Credit Assessment online with Lexington Law
Try ExtraCredit for free

Content: Some states may also allow you to reinstate the loan up until a specific deadline. What Happens When a House Goes into Foreclosure
The foreclosure timeline can vary significantly. State and Federal laws, your mortgage agreement and the mortgage holder’s motivation are major factors. In many cases, the foreclosure process starts three to six months after you miss your first payment, assuming you don’t make or catch up on payments. State laws vary, so be sure to work with a legal adviser or your lender to determine what will happen in your specific situation. In general, mortgage foreclosure involves the following steps. The mortgage holder gives the defaulting homeowner a written notice of default. This is a formal notice that you have fallen behind on your payments and are in default. The homeowner is given a limited period of time to cure the default and pay all amounts due. That can include interest, penalties, attorney charges and any other fees allowed by your state’s laws and your mortgage contract.