Question 1

How long until foreclosure?

Accepted Answer

It depends on your state and your loan. It usually takes months, which gives you time to act.

Question 2

Will a loan modification hurt my credit?

Accepted Answer

It can have some effect, but it’s usually far less harmful than a foreclosure. Ask your counselor.

Question 3

How many missed payments before foreclosure starts?

Accepted Answer

For most home loans, federal rules say the lender generally can’t start foreclosure until you’re more than 120 days behind. That time is meant for you to apply for help, so use it.

Question 4

What is forbearance?

Accepted Answer

It’s a short pause or reduction in your mortgage payments. It isn’t forgiveness: you’ll repay what you skipped later, in ways your lender explains.

Question 5

What is a loan modification?

Accepted Answer

It’s a lasting change to your loan, like a lower rate or longer term, to make payments affordable. You usually have to apply and show your income.

Question 6

Will selling my house stop foreclosure?

Accepted Answer

If you sell before the foreclosure sale and pay off the loan, yes. Tell your lender you’re selling; they may give you time.

Question 7

Are housing counselors free?

Accepted Answer

HUD-approved housing counselors are usually free or low cost. Be careful with anyone who charges big upfront fees to “save” your home.

Question 8

How do I spot a foreclosure rescue scam?

Accepted Answer

Watch for upfront fees, promises to stop foreclosure for sure, telling you to stop talking to your lender or to pay them instead, or asking you to sign over your deed.

Common questions: Behind on mortgage