If you are interested in discovering what it will take to halt foreclosure proceedings you will have to seek the knowledge that will be required in order to do so. In all honesty, the timeline for foreclosure is different from state to state, but there are similarities. If you are a borrower it would be smart to comletely understand and know the whole foreclosure process, not only the timeline for foreclosure. Many homeowners lack knowledge or are very uninformed, or even misinformed. This sad lack of understanding can wind up being devastating.
As you have most likely discovered, any undertaking without the required knowledge will usually end up being a bum deal. Many borrowers do not understand or want to admit that there are predators out there disguised as mortgage brokers, real estate investors and attorneys that will rob you blind. Your misfortune, likely caused by lack of knowledge can bring them great monetary gain.
The timeline for foreclosure will usually follow this agenda. The foreclosure timeline is initiated when you are just one day late in paying your house payment. Yes, one day late. Usually, at this point no late fees have been added yet. If you do not pay your entire payment within 16-30 days a penalty or a late charge will be added 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 loan payment. If your housepayment goes more that 30 days behind, 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 loan payment after thirty days, the lender may decide to exercise their rights and repossess of your house. Whatever you do, do not panic. Remain calm and remain in contact with your mortgage lender during this foreclosure process. These days the majority of lenders really do not want to take possession of the house. They will most likely be willing to assist you if they are able. Do not be afraid to ask about� what programs they have available to you.
Between the 60th and 90th days or non-payment, an official notice of default will be delivered to the homeowner. At this point during the timeline for foreclosure, collection costs will be added on and the lenders legal department will prepare and deliver the required documents to a local attorney. This is the start the actual foreclosure proceedings.
The last leg of the foreclosure timeline occurs anywhere between day 150 and day 415. The borrowers house will be scheduled for sale at a foreclosure sale or a foreclosure auction after the Notice of Trustee Sale is filed. There are certain guidelines and points that must be followed and adhered to during a foreclosure process. Keep in mind that a foreclosure is a legal event. The impending foreclosure should be advertised in the local newspapers, once the case is referred to local attorneys.
The borrower still has the right to halt the process leading up to the foreclosure of the property. Most states have laws regarding that. During the pre-foreclosure period, the homeowner may be able to purchase the property back from the lender if they have come up with the money. Sadly the majority of borrowers will be put out of their home by the local sheriffs department. These circumstances could be prevented if the homeowner pocesses the information about available options to them when they are facing foreclosure.
