Foreclosure Timeline All 50 States – Understanding The Basics
The foreclosure process differs in each of the 50 states. If you find yourself standing before the foreclosure monster with no means of making a payment, it is advisable that you take a good look at the foreclosure laws in your state.
Each states foreclosure laws differ in a variety of ways such as lender notices, scheduling, buyback periods, and bank notices issued regarding the auctioning of the property. Do to the complexities of the foreclosure timeline this article is only meant to give you a basic understanding of the process.
When you first fall behind with a payment, the lender will contact you by phone, and mail. A late fee will also be added on to your payment. In most cases the lender will not add a late fee until after the 15th day of your payment being late. It is important to know that most lenders are willing to work with you if you initiate the communication process and let them know your current situation.
If you miss your 2nd mortgage payment, the mortgage company will normally call you to inquire why a payment hasn’t been made. It is crucial that you open the lines of communications with the lender at this point. The lender is more likely to work something out with you if you explain your situation.
You are willing to open the lines of communication but are not sure what to do… That’s one of the most common questions that I have been asked. Your goal besides the obvious (keep then from starting the foreclosure proceedings) is to keep the mortgage company from putting a 30 day late payment on your credit report. If they do report the late payment your chances of any future negotiations will be slim.
Let’s suppose that you found this article to late, and your house has just been sold at auction. Although the fight appears over, it is not. You still have an outside chance of getting your home back. You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.
