Start by understanding your options
Contact your mortgage servicer immediately to ask about available loss-mitigation options. A HUD-approved housing counselor or qualified foreclosure attorney can help you understand alternatives and deadlines. A missed payment does not, by itself, mean that selling is your only option.
A sale before a completed foreclosure may be worth considering only when sufficient time, equity, lender cooperation, and other requirements allow. Do not delay professional assistance while waiting for a purchase evaluation.
How a possible direct purchase is evaluated
We review the basic property information, your available timeline, and the condition of the home to discuss whether a purchase is feasible. If we reach a purchase agreement, a title company or appropriate closing professional helps coordinate the transaction.
- Property condition and potential renovation costs
- Scheduled legal deadlines and time needed to close
- Ownership, mortgage payoffs, liens, and title requirements
- Whether the agreed transaction can satisfy applicable obligations
Equity and closing are not guaranteed
An eligible homeowner may retain some remaining equity through a successful sale after mortgages, liens, taxes, fees, and other obligations are paid. A sale may not produce net proceeds, and we cannot guarantee that a transaction will finish before a scheduled foreclosure.