Talk to your servicer early
Your mortgage servicer is often willing to discuss loss mitigation options, especially before the loan is far behind. Depending on your loan, that might include a repayment plan, forbearance, a loan modification, a short sale or a deed in lieu of foreclosure. Open every letter from your servicer. Many include deadlines.
HUD-approved housing counseling agencies offer free or low-cost help reviewing your options and talking with your servicer. You can find one through the U.S. Department of Housing and Urban Development or the Consumer Financial Protection Bureau.
How foreclosure generally works here
Tennessee and Mississippi generally use non-judicial foreclosure, meaning the lender can usually foreclose through a trustee's sale without filing a lawsuit, after required notices are given and published. That can move faster than in many other states, so time matters.
Federal rules generally limit when a servicer can begin the foreclosure process on a primary residence after you fall behind, and they set rules for how loss-mitigation applications are reviewed. The details depend on your situation, so a housing counselor or attorney is your best resource.
Where selling fits in
If you have equity in your home, selling before a foreclosure sale may let you pay off the loan and keep the remaining equity, rather than risking it at auction. A sale may also help you avoid having a completed foreclosure on your record. If you owe more than the house is worth, a short sale (with the lender's approval) is another possibility.
- Gather your latest mortgage statement and any notices you've received.
- Note any sale date that's been set, and share it with anyone helping you.
- Compare your options side by side before you commit to one.
How we can help
We can make a fast, no-obligation cash offer so you know exactly where you stand. Because we don't rely on bank financing, we can often move quickly when a deadline is close. If another option is a better fit for you, we'll tell you.
Not legal advice. This guide is general information only, not legal, tax or financial advice, and laws and procedures change. For advice about your situation, talk with a licensed attorney, tax professional or HUD-approved housing counselor.