{"id":369123,"date":"2016-04-04T10:47:15","date_gmt":"2016-04-04T15:47:15","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/foreclosure\/federal-laws-affecting-foreclosure.html"},"modified":"2024-04-26T13:31:17","modified_gmt":"2024-04-26T18:31:17","slug":"federal-laws-affecting-foreclosure","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/foreclosure\/federal-laws-affecting-foreclosure.html","title":{"rendered":"Federal Laws Affecting Foreclosure"},"content":{"rendered":"\n
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Federal Laws Affecting Foreclosure<\/h1>\n
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\n By FindLaw Staff<\/a> | Legally reviewed by Robert Rafii, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

If you’re facing financial hardship and you’re behind on your loan’s monthly payments, you’re not alone. Understandably, facing foreclosure is as stressful as facing eviction. Worrying about the bank taking your condominium and selling it to the highest bidder is unpleasant. Even worse, it’s unfair to hear that your house was sold in a trustee’s sale for a sale price below its market value. Foreclosure laws allow mortgage lenders to foreclose on residential real property. But they must follow real estate laws before they can take away foreclosed properties.<\/p>\r\n

You may wonder if a bank can really take your home away, even if you have a good excuse. There are things you can do to slow down the process, especially if it seems so sudden. A lender or loan servicer who breaks the law or discriminates against you may face legal consequences. There are also special events, such as pandemics, that can justify your financial hardships.<\/p>\r\n

While the foreclosure process is determined through state laws, federal laws also provide regulations and limits intended to protect homeowners. These include:<\/p>\r\n