Learn about foreclosures
What is foreclosure?
Foreclosure is a legal process by which a bank, mortgage company or other creditor takes a homeowner’s property in order to satisfy a debt. The foreclosure is the result of non-payment of the mortgage (including second mortgages and home equity loans); however, people also lose their homes due to unpaid property. As a result of the foreclosure (at the end of the redemption period), the homeowner loses the rights he or she had to the property. © 2006 Michigan State Housing Development Authority
Learn More
- The stages of foreclosure
- What happens during the foreclosure process?
- Tips to keep your home
- Frequently asked questions about foreclosures
Are you at risk?
Many times homeowners do not know they are at risk for going into delinquency and/or foreclosure. Take this brief questionnaire to asses your risk.
If you answer yes to any of the following situations, you might be at risk for mortgage foreclosure/delinquency. Please contact a HUD approved counseling agency for assistance.
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Are you currently shopping for a mortgage and are interested in learning more about loan products that are available? |
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(For those with conventional mortgages) Do you pay your property taxes separately from your mortgage payment? |
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(For those with conventional mortgages) Does your mortgage have a prepayment penalty? |
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Do you have an adjustable rate mortgage (ARM)? |
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Has there been a change in household income? |
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Has there been a recent increase in the amount of debt you have? |