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Before your foreclosure begins.
To me, this is the most critical part in your foreclosure
procedure because this is the point that you have the best
opportunity to save your house. It is at this point that
your lender will be phoning you . . . a lot. They are
working on determining what is happening with you and why
payments are not being made on your loan with them. They
will be determined at this point and will not be quite so
determined the more you advance in the direction of
foreclosure. This is also the stage where it will be easier
to save your house in the most least expensive manner. As
soon as lawyers and the courts get drawn into your
situation, more costs begin getting added.
The lawyers get caught up in your situation.
Your foreclosure procedure is official at this point. This
is where courts will get involved and where documents have
been filed to begin foreclosure proceedings on your house.
You will likely get a letter from the lawyers that your bank
has hired to let you know that your bank has hired them to begin
the process on your home. After this point, the next paperwork
that you may receive is a Verified Motion for Order Authorizing
Sale. It is exactly what it sounds like. It is an order
asking the court to set a sale date for your house. The Notice
of Hearing that you might get at this point pretty much will indicate
the same info as the other order.
At this stage, your foreclosure has become a point of public
record. After that you may get a Notice of Sale and Right to Cure
and Redeem. The sale date that the court initiates will be
presented in a local newspaper. At this stage, the con
artists will begin swarming. They will propose to “assist”
you in saving your house. It would be a wiser choice to use
the money that they would ask for to engage a lawyer or to
work with your lender.
The sale of your house and eviction.
At this point in your foreclosure procedure, you are looking
at the sale of your house. Which is why acting and acting
quickly in any of the other stages is important. There may
still be a chance that you can save your home. But this
depends entirely on the laws in your state. Some states have
a right of redemption period which basically lets you figure
out a way to get all of the money together that you owe your
lender. This pretty much means that you would have to find a
way to come up with everything that you owe your mortgage
company, the total balance of your loan with them. If your
state does not have this redemption period or if you cannot
redeem your house, you will be told to leave your house and
you will get an eviction notice.
You have a chance at every stage to save your house. The
more you wait to take action, the more problematic it will
be for you.
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