Common Foreclosure Questions (2024)

General Questions About Foreclosure

General Questions About Foreclosure

• What Happens to Judgment Liens During Foreclosure?

  If a judgment lien is on your home, and that property is foreclosed, the judgment lien is wiped out.

• When Do You Have to Leave Your Home When It's in Foreclosure?

  In some instances, panicked homeowners leave their home after missing a few mortgage payments or once a foreclosure is initiated. However, you have the legal right to remain in your home until the foreclosure process is completed. This process can take a few months or, in some cases, as much as a year.

• What’s a Default Judgment in a Foreclosure?

  If you don’t respond to a foreclosure lawsuit, the lender will ask the court for a default judgment.

• If I Buy a Home in Foreclosure, Can Its Owners Later Get It Back ("Redeem" It)?

  If you buy a foreclosed home, the former owners might be able to redeem (repurchase) the property. But redemption rarely happens.

• Can I Lose My Home to Foreclosure If I Don’t Pay for Homeowners’ Insurance?

  If you breach your mortgage contract by not having homeowners’ insurance, you might face added costs and, eventually, foreclosure.

• Can I Lose My Home to Foreclosure If I Transfer the Property to a New Owner?

  Nonpayment isn't the only way to end up in foreclosure. Transferring the home to a new owner might also lead to a foreclosure.

  See Also

  5 Questions to Ask During the Home Closing Process in 2020

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Common Questions About Mortgages

Common Questions About Mortgages

• What happens if my mortgage servicer doesn't send me the payoff statement that I requested?

  Question I want to pay off my mortgage loan so I called the servicer (the company I make my payments to) to ask how much it would cost. The representative that I spoke to told me to send my request in writing and then they would send me a payoff statement with the total amount due. I sent my written

• If I'm Late on Mortgage Payments, What Fees Can the Lender Charge?

  If you're behind on your mortgage payments, the loan servicer (on behalf of the lender) can charge various fees and costs. Learn about them.

• How Do I Find Out Who Holds My Mortgage?

  Here's how to find out who owns your mortgage and who services it.

• What's a Mortgage Servicer?

  Mortgage servicing companies handle borrowers' accounts. Find out if you can change your mortgage loan servicer.

• I Lost My Job, Can I Get Help With My Mortgage?

  If you're unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over.

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Common Questions About Mortgages (Cont.)

Common Questions About Mortgages (Cont.)

• I Lost My Job, Can I Get Help With My Mortgage?

  If you're unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over.

• What Happens If My Mortgage Is Sold to a New Owner or the Servicer Changes?

  How to deal with the transition when your lender transfers your home loan to a new owner or servicer.