Foreclosure Procedure – The Basic Steps
Although every foreclosure is unique and there is never one solution that works for everyone, there are some basic foreclosure steps that happen in every foreclosure procedure.
It all starts with missing that first payment. Your foreclosure procedure has not yet begun at this point but if you miss two or three payments, you will probably be headed into foreclosure. This is the point where you have the best chance of avoiding foreclosure and saving your home. Talk to your mortgage company immediately about why you missed the payment and ask them what they can do to work with your situation.
Typically within 60 to 90 days after you have missed that first payment, your mortgage company will start foreclosure. You still have the opportunity to save your home at this point in the foreclosure procedure but it just got a little harder. Lawyers have now gotten involved and so have the courts.
After this point, the timeline that your state has for the foreclosure procedure becomes a factor. It could move very quickly after this point or it could take quite a while. You need to understand the laws for your state in order to know how quickly it will move at this point.
Tags: foreclosure procedure
December 17th, 2008 at 1:02 am
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