Foreclosure is the legal process that allows your lender to take ownership of your property if you do not pay your mortgage. The process usually begins after you miss 4 payments (when your account is 120 days past due). If you refuse loss mitigation or if an alternative to foreclosure is unavailable, and you are unable to reinstate the total payments and outstanding fees, the process ends with your home being sold in a foreclosure sale.
We want to help you prevent that outcome. Even after the foreclosure process begins, please work closely with us to find other options.
How the process works
It’s important to understand that foreclosure follows its own path and timeline, distinct from the mortgage assistance process. That means that in some cases, the foreclosure process can begin and continue even while you are actively working with us to find options that may help you avoid a foreclosure sale. Please be advised a scheduled foreclosure cannot be canceled for a disposition option without receipt of an acceptable purchase contract per your investor's guidelines at least 19 days prior to sale.
The foreclosure process:
- May begin after your loan is 120 days past due
- Proceeds according to the laws in your state, which indicate a non-judicial process.
- Includes communications from a third-party attorney who will let you know where you are in the foreclosure process
- May result in a date being set for a foreclosure sale and your home being sold, if certain conditions are not met
Other Documents and Forms:
- Third Party Authorization: Allows ServiSolutions to speak with someone else concerning your loan and personal information. Before signing you should:
- Locate a FREE HUD counselor in your area by calling 1-800-569-4287 or calling The Federal Information Relay Service via TTY at 1-800-877-8339. You may also visit their website at www.hud.gov/offices/hsg/sfh/hcc/fc/.
Can I get help from other agencies or groups?
- Homeownership Counseling Availability Notice
- HUD Tips to Avoid Foreclosure
- HUD Request for Occupied Conveyance
- Hardest Hit Assistance: There are various Hardest Hit programs in 18 hardest hit states most affected by the financial crisis and recession. The U.S. Department of Treasury provided $7.6 billion for a Hardest Hit Fund to enable states to develop locally-tailored programs to assist struggling homeowners in their communities. HHF programs are designed and administered by each state’s Housing Finance Agency (HFA). ServiSolutions customers in the following states can access help from states administering Hardest Hit Funds:
If you are worried about foreclosure, or you have been notified that the process has started, contact our foreclosure department right away at 1-866-339-2432.