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Foreclosure & Alternatives – FAQs

  1. Will it cost money to get help?
  2. What is foreclosure?
  3. Will the foreclosure process begin if I do not respond to my lender's notices regarding missed payments?
  4. Should I still contact my lender if I have waited too long and my property has been referred to an attorney for foreclosure?
  5. What if my property is scheduled for a foreclosure sale in the future?
  6. Will my property be sold at a foreclosure sale if I accept a foreclosure alternative?

  1. Will it cost money to get help?

    There should never be a fee from your lender or qualified counselor to obtain assistance or information about foreclosure prevention options. However, foreclosure prevention has become a target for scam artists. Be wary of companies or individuals offering to help you for a fee, and never send a mortgage payment to any company other than the one listed on your monthly mortgage statement or one designated to receive your payments under a state assistance program.

  2. What is foreclosure?

    Forfeiture of your home through a legal process where your mortgage company repossesses the property and you will have to move. This process may involve an eviction, you may remain liable for your first lien mortgage debt and it may be as long as seven years before you are eligible for another Fannie Mae or Freddie Mac loan.

  3. Will the foreclosure process begin if I do not respond to my lender’s notices regarding missed payments?

    If you do not respond to your lender's notices to you regarding past due payments, your lender may refer your loan to foreclosure in accordance with your mortgage loan documents and applicable law.

  4. Should I still contact my lender if I have waited too long and my property has been referred to an attorney for foreclosure?

    Yes, the sooner the better!

  5. What if my property is scheduled for a foreclosure sale in the future?

    If your lender receives a complete Uniform Borrower Assistance Form and the supporting documents it requires with only 37 or fewer calendar days before a scheduled foreclosure sale, there is no guarantee it can evaluate you for a foreclosure alternative in time to stop the foreclosure sale. Even if the lender is able to approve you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may not halt the scheduled sale.

  6. Will my property be sold at a foreclosure sale if I accept a foreclosure alternative?

    No. The property will not be sold at a foreclosure sale if you accept an offer for an alternative to foreclosure and comply with all requirements.

Beware of foreclosure rescue scams. Learn more to protect yourself.

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