Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future.
When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must sign a promissory note, and a lien will be placed on your property until the promissory note is paid in full. The promissory note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.
An additional benefit to this option is the assistance you will receive with the seller-paid closing costs.
Q:
What happens when I miss my mortgage payments?
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What should I do to avoid foreclosure?
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What are my alternatives?
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How do I know if I qualify for any of these alternatives?
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Should I be aware of anything else?
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Are there any precautions I can take?
failure to exercise the great degree of care typical of an extraordinarily prudent person
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