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Foreclosure Process Timeline

If you a homeowner who are having problems keeping up with your mortgage payments, it is probably smart to learn about the foreclosure process before you suffer from panic attacks. By knowing the steps involved, you will be able to remain calm as you look for options that could help you stop foreclosure.

Usually, a foreclosure process will involve the following steps:

1. Missed Payment – expect your lender or a collection agency to call after 15 days. In addition to your monthly mortgage due, you will now have to pay a penalty fee. After 30 days, the collection letters will come and the calls will continue unless you speak with your lender.
2. Default – after 60 days, you will be notified via a letter that your mortgage loan is in default. You will be asked to pay the outstanding amount due in order to update your account. Most likely, you will be charged with late fees.
3. Foreclosure filing – if you were not able to update your account by paying three months or 90 days worth of mortgage payments, a foreclosure lawyer will contact you and you will be informed of the foreclosure filing. After the filing, you will have 20 days to provide a response. During this time, you may receive offers from foreclosure rescue companies or even foreclosure counselors. If you need help, you may avail of such services. Just make sure that you deal with a reliable and reputable company.
4. Summary Judgment Hearing – one or two months after the foreclosure filing, you will receive a notice for the court hearing date.
5. Auction– 45 days after the court hearing, your home will be auctioned off by the local county sheriff.
6. Eviction – one or two days after your home was sold in a foreclosure auction, you will have to leave your home.

Bear in mind that you will be able to stop foreclosure anytime until the very last step. For this reason, you should make sure that you explore all options available.

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• Maine Bank Report Shows Rise in Foreclosed Properties
• Suspension of Foreclosure Will Have Less Impact Locally
• The NWFA-NFDM Team-Up
• Maryland Foreclosure Homes Sales on a High