• What is the Timeline for Foreclosure

  Filed under Foreclosure
  Nov 8

  If you are interested in learning what it will take to cease foreclosure proceedings you will have to receive the knowledge that will be required in order to do so. In all honesty, the timeline for foreclosure varies from state to state, but there are similarities. If you are a homeowner it would be in your best interest to comletely understand and know the entire foreclosure process, not only the timeline for foreclosure. Many borrowers lack knowledge or are very uninformed, or even misinformed. This sad lack of understanding can end up being devastating.

  As you have most likely realized, any undertaking without the required knowledge will almost always wind up being a bum deal. Many borrowers do not understand 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 knowledge can bring them large monetary gain.

  The timeline for foreclosure will usually follow this agenda. The foreclosure timeline starts when you are only one day late in sending your mortgage payment. Yes, one day late.  Most of the time, at this point no additional fees have been tacked on yet. If you do not pay your entire payment within 16-30 days a penalty or a late charge will be tacked on to the total amount due. About this time you will certainly hear from the mortgage lender. They will ask you why you haven’t sent your loan payment. If your housepayment goes more that 30 days behind, you will be labeled 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 sent a mortgage payment after thirty days, the lender may decide to exercise their rights and take possession of your house. 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 most likely be willing to assist you if they can. Do not be afraid to ask about? any plans they have available to you.

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

  The last leg of the foreclosure timeline occurs somewhere between day 150 and day 415. The borrowers property will be put up for liquidation 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 impending foreclosure should be advertised in the local newspapers, once the case is referred to local lawyers.

  The borrower still has the chance to halt the process leading up to the foreclosure. Most states have laws pertaining to. During the pre-foreclosure period, the borrower may be able to purchase the property back from the lbank if they have come up with the money. Sadly a great many of property owners will be removed from their house by the local law enforcement agencey. This situation could be avoided if the property owner pocesses the information about what is available to them when they are facing foreclosure.

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One Response to “What is the Timeline for Foreclosure”

1. 

   » What is the Timeline for Foreclosure said on November 8th, 2008 at 9:13 am

   [...] Many borrowers do not understand 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 knowledge can … Original post [...]

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