Every Homeowner Should Know the Timeline for Foreclosure

If you are interested in finding out what it will take to halt foreclosure proceedings you will have to seek the knowledge that will be required in order to do so. Actually, the timeline for foreclosure varies from state to state, but there are similarities. If you are a property owner it would be smart to fully understand and know the whole foreclosure process, not only the timeline for foreclosure. Many borrowers lack knowledge or are completly uninformed, or even misinformed. This unfortunate lack of knowledge can end up being devastating.

As you have probably realized, any undertaking without the proper knowledge will likely wind up being a bum deal. Many homeowners do not comprehend or want to admit that there are sharks out there disguised as mortgage brokers, real estate investors and attorneys that will steal you blind. Your misfortune, likely caused by lack of understanding can bring them significant financial growth.

The timeline for foreclosure will usually follow this outline. The foreclosure timeline is initiated when you are only one day late in paying your house payment. Yes, one day late. Most of the time, at this point no additional fees have been tacked on yet. If you do not remit your entire payment within 16-30 days a penalty or a late charge will be tacked on to the total amount due. Around this time you will certainly hear from the mortgage lender. They will inquire about why you haven’t sent your house payment. If your mortgagepayment goes more that 30 days late, you will be defined as in default of your mortgage loan agreement.

Being in default in the simplest terms, at this point, means you are behind on your loan obligations. If you have not made a mortgage payment after thirty days, the lender may decide to exercise their rights and take possession of your home. No matter what, do not freak out. Remain calm and stay in contact with your mortgage lender during this foreclosure process. These days the bulk of lenders really do not want to take possession of the house. They will usually be willing to assist you if they are able. Do not be afraid to inquire about? what programs they have available to you.

Between the 60th and 90th days or non-payment, an official notice of default will be sent to the homeowner. At this point during the timeline for foreclosure, collection costs will be tacked on and the lenders legal department will prepare and send the required documents to a local attorney. This will begin the actual foreclosure proceedings.

The last leg of the foreclosure timeline occurs anywhere between day 150 and day 415. The homeowners property will be scheduled for sale at a foreclosure sale or a foreclosure auction after the Notice of Trustee Sale is filed. There are certain benchmarks and points that must be followed and adhered to during a foreclosure process. Remember that a foreclosure proceeding is a legal event. The up-coming foreclosure should be advertised in the local newspapers, once the case is referred to local attorneys.

The homeowner still has the right to stop the procedures leading up to the foreclosure. Most states have laws regarding that. During the pre-foreclosure period, the homeowner may be able to purchase the property back from the lbank if they have come up with the money. Sadly a great many of borrowers will be forced from their home by the local sheriffs department. This situation could be avoided if the property owner pocesses the information about available options to them when they are facing foreclosure.

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