Facing Foreclosure? Here Are Some Options

If you’ve missed a mortgage payment, or a few, you’re probably feeling stressed, and maybe a little embarrassed. First, know that you’re far from alone. Life happens, from job loss to medical bills to surprise expenses, and plenty of homeowners find themselves behind, from a big city like New York, NY to a small city like Oxford, MS. Second, you likely have more foreclosure options than you think. The catch is that most of them work best when you act early. Here’s how the process works, what you can do about it, and who can help. This article is for general information only and isn’t legal advice. Foreclosure laws vary by state, so talk with a qualified attorney or HUD-approved housing counselor about your situation. How the foreclosure timeline works Foreclosure doesn’t happen overnight. In most cases, it unfolds in stages: you miss payments, your servicer sends notices, and then the lender starts the legal process of taking the home. The exact foreclosure process, steps, and deadlines depend on where you live. Some states go through the courts (judicial foreclosure), while others allow the lender to move forward without a court case (nonjudicial foreclosure). That gap between you...