The letters use words most people have never needed before. Here is what each one means, and what it means for you. Rules and deadlines differ by state, so check your state’s calculator for your own dates.
The lender declares the whole loan due at once, not just the missed payments.
Usually comes in a letter after you fall behind. Many states and loan contracts still let you catch up on the missed amount instead; see reinstatement.
A letter saying you are in default, how much it takes to fix it, and the deadline. Most mortgages require one before foreclosure starts.
Read the date on it. It is often your first hard deadline.
An offer from the new owner or bank to pay you to move out by a set date and leave the home in good shape.
Optional. Get it in writing, including the amount, the move-out date and when you get paid.
In court-run foreclosures, the judge approves the auction after it happens.
In some states you keep ownership, or can still redeem, until this order.
You sign the house over to the lender instead of going through foreclosure.
Ask in writing whether the lender will waive any remaining balance (the deficiency).
A security document used instead of a mortgage in many states. It names a trustee who can sell the home without a lawsuit if you default.
If your loan uses one, your state probably allows non-judicial foreclosure.
Not keeping the loan terms, usually by missing payments.
Default starts the clock. Most calculators on this site begin from the date of your first missed payment.
A court ruling against you because you did not respond to the lawsuit in time.
In a court foreclosure, answering by the deadline on the summons keeps your options open.
A court order for the balance still owed if the sale brings in less than the debt.
Some states limit or ban deficiencies on a home. Your state page says which.
A servicer pushing a foreclosure forward while it is reviewing you for help.
Federal rules limit this once you send a complete application. See the 37-day rule.
A temporary pause or reduction of payments.
The skipped amount is still owed later. Ask how it will be repaid before you agree.
The public sale of the home to pay the debt. Also called a trustee sale, sheriff sale or commissioner sale, depending on the state.
The sale date is on the notice of sale. Your state page shows the typical timing.
A short letter to your servicer explaining why you fell behind (job loss, illness, divorce, a death) and what you can afford now.
Part of most help applications. Keep it factual, include dates, and keep a copy.
A free, government-approved advisor who can read your papers and talk to your servicer with you.
Call 1-800-569-4287. Nobody legitimate charges you up front to save your home.
Foreclosure through a lawsuit. A judge must approve the sale.
Usually slower, and you get court deadlines to answer and to raise defenses.
A public notice filed with the county saying a lawsuit affects the property.
Often the first public sign of a court foreclosure. It is also why you start getting mail from companies you never contacted.
A permanent change to the loan terms, such as rate, length or balance, to make payments affordable.
Apply early and completely. Timing matters: see the 37-day rule.
Any option to avoid foreclosure: repayment plan, forbearance, modification, partial claim, short sale or deed in lieu.
Ask your servicer for a loss mitigation application in writing.
A meeting, usually court or state run, where you and the lender try to agree on a way to avoid foreclosure.
Available in some states and counties only. Check your state page.
Foreclosure without a lawsuit, run by a trustee under the deed of trust.
Often faster. You may have to go to court yourself to stop a sale.
In many non-judicial states, a notice recorded with the county that formally starts foreclosure.
It starts a legal clock. In California, for example, the notice of sale cannot be recorded until at least three months after it (Civil Code 2924).
The notice that sets the date, time and place of the auction. It is mailed, posted and usually published.
This is the date to plan around. Most states require it a set number of days before the sale.
An interest-free second loan, usually from HUD or VA, that covers your missed payments. You repay it when you sell, refinance or pay off the loan.
Mainly for FHA and VA loans. Ask your servicer if you qualify.
Moving the sale to a later date. The lender, the trustee, a court or a bankruptcy filing can cause it.
A postponement is not a cancellation. Get the new date in writing, and watch for it, because some states do not require a fresh notice.
The stretch between falling behind and the sale.
This is when you have the most options. See the pre-foreclosure guide.
The right to get the home back by paying the full debt or the sale price plus costs, within a set time. In some states it runs before the sale, in some after, and in some there is none.
Deadlines are strict. See "Can I get my house back?" for every state.
Bringing the loan current by paying the missed payments plus fees, which stops the foreclosure.
Many states give you this right until a set time before the sale. Ask for a written reinstatement quote.
A home the lender took back at auction because no one bid more than the debt.
If you still live there, you may be offered cash for keys. See the bank-owned guide.
An agreement to pay the missed amount over several months on top of your regular payment.
Works for short hardships that are over.
A deadline, set by law or your loan papers, to fix the default before foreclosure goes further.
The date is usually in the breach letter or notice of default.
The date of the foreclosure auction.
It can move (see postponement). Your state calculator shows the earliest typical date.
The company that collects your payments and handles help requests. It is often not the company that owns the loan.
Send everything to the servicer, keep copies, and note who you talked to and when.
An auction run by the county sheriff, usually after a court foreclosure.
In some states it must still be confirmed by the court before it is final.
Selling the home for less than you owe, with the lender agreeing to take the proceeds.
Get written confirmation of whether the leftover balance is forgiven. See the short sale guide.
The papers that start a court foreclosure. The summons gives your deadline to respond.
Do not ignore them. Missing the deadline can lead to a default judgment.
Money left over when a sale brings in more than what is owed.
It can belong to you, but you usually have to claim it. Watch for surplus recovery companies charging big fees for a claim you can file yourself.
How counties collect unpaid property tax: by selling a lien on the home, or the home itself.
Different clock from a mortgage foreclosure. See the tax lien and tax deed guide.
Under a deed of trust, the neutral party who holds the power to sell and runs the sale.
The trustee’s name and phone number are on the notice of sale.
The auction in a non-judicial foreclosure, run by the trustee.
Most states let you stop it by reinstating before a set deadline.
A court order that lets the sheriff remove occupants after the sale.
There is usually a notice period first. You cannot be locked out without it.
Federal rule: a servicer generally cannot make the first foreclosure filing until you are more than 120 days behind (12 CFR 1024.41(f)).
Use those four months to apply for help.
Federal rule: if the servicer gets your complete help application more than 37 days before a sale, it cannot hold the sale until it decides and any appeal is over (12 CFR 1024.41(g)).
Send a complete application early and keep proof of the date it arrived.
A HUD-approved housing counselor is free on 1-800-569-4287. This site is general information, not legal advice.