Plain-English homeowner guide

Facing Foreclosure? Compare Next Steps

If foreclosure pressure is building, compare servicer, HUD counselor, attorney, loan-workout, sale, and stay-in-home options before signing.

The address, payoff, and deadline decide whether staying would still work after the numbers are written down.

If a deadline or payment problem is active, confirm the outside options with the servicer, tax office, counselor or attorney before choosing.

The next step should make the tradeoffs clearer: what changes now, what waits for written approval, what costs more each month, and what happens if staying does not fit.

If this guide matches the problem in front of you, put the payoff and decision date beside the cash need, monthly budget, and staying goal before making calls or sharing documents.

Then compare the next written step with one choice that keeps ownership and one choice that moves toward a sale. If neither one lowers the pressure without creating a new payment problem, pause before signing or sending private documents.

The written numbers should make the next choice easier: who owns the home, what payment continues, and what happens if staying does not fit.

A useful comparison has the payoff, deadline, monthly number, and backup housing plan in one place before anyone signs or applies.

Common questions

What are my options when I am behind on the mortgage or facing foreclosure?

Start with your mortgage servicer and a HUD-approved housing counselor. Depending on your deadline and loan status, options may include reinstatement, repayment, forbearance, loan modification, listing, sale before the sale date, sale-leaseback review, or Chapter 13 legal protection.

Can a sale-leaseback stop foreclosure?

A sale-leaseback does not modify the mortgage. It is a property sale. If the transaction closes in time and the payoff works, closing funds can pay the mortgage. Staying after closing depends on a separate written lease and state rules.

Who should I call first if foreclosure notices have started?

Call your mortgage servicer, a HUD-approved housing counselor, and a licensed local attorney before signing a sale, leaseback, or investor agreement. Timing and legal rights vary by state.

How fast can a sale-leaseback close?

Some transactions may close in a few weeks, but timing depends on title, payoff verification, property review, state-specific requirements, and final written agreements. Do not wait until the last minute to compare it.