Foreclosure is the process by which a lender repossesses a property for lack of payment. The best way to avoid foreclosure is to talk to your lender as soon as you know you're falling behind on mortgage payments. There are options to avoid foreclosure, including forbearance, modifying the te...
In some places, the preforeclosure process prior to the sale could be as short as a few months. Or it might take more than a year or two before a foreclosure sale happens. Exactly how long it takes before a home is finally foreclosed depends on state foreclosure laws and whether the for...
The mortgage borrower loses his or her home if he fails to defend the foreclosure or pay off the debt. That happens whether it is the mortgage, property taxes, or a person with a lien on the property. Once the sale occurs, the homeowner no longer owns the home. The US 6th Circuit Co...
Look into alternatives for leaving your home. Foreclosure is a long, unpleasant, expensive process that damages your credit. If you’re simply ready to move on (but want to at least try to minimize the damage), see if your lender will agree to ashort sale, which allows you to sell the...
A short sale lets struggling homeowners sell their home before facing foreclosure. If you’re having trouble making payments, see if a short sale works for you.
Through 2025, exceptions to federal tax laws allow some homeowners to escape additional tax liability when going through foreclosure.
Michelle Singletary
Foreclosure auctions allow mortgage lenders to sell a piece of property in order to raise money to pay off the balance due on the mortgage loan. A foreclosure auction may be delayed, or sometimes canceled entirely, for a variety of reasons. The effect of
If you don't want to go through the process of a decree of foreclosure and sale, make sure you are up-to-date on your mortgage payments. This may not always be possible because of personal situations, family issues, job losses, or economic troubles. Be sure to reach out to your lender...
Foreclosure What Is an Absolute Auction? An absolute auction is a type of auction in which the sale is awarded to the highest bidder. Absolute auctions do not have a reserve price, which sets a minimum required bid for the item to be sold. Key Takeaways Absolute auctions are a popular...