If you are interested in discovering what it will take to stop foreclosure proceedings you will have to gain the knowledge that will be needed 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 smart to fully 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 wind up being devastating.
As you have probably discovered, any undertaking without the required knowledge will usually wind up being a bad deal. Many borrowers do not comprehend or want to admit that there are predators 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 huge monetary growth.
The timeline for foreclosure will usually follow this outline. The foreclosure timeline begins when you are just one day late in sending your house payment. Yes, one day late. Most of the time, at this point no additional fees have accrued yet. If you do not send your whole payment within 16-30 days a penalty or a late charge will be added on to the total amount due. About this time you will no doubt hear from the mortgage lender. They will inquire about why you haven’t sent your mortgage payment. If your housepayment goes more that 30 days late, 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 loan payment after thirty days, the lender may decide to exercise their rights and repossess of your property. Whatever you do, do not freak out. 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 likely be willing to help you if they are able. Do not be afraid to inquire about� what plans they have available to you.
Between the 60th and 90th days or non-payment, an official notice of default will be sent to the borrower. 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 lawyer. This is the start the actual foreclosure proceedings.
The last portion of the foreclosure timeline occurs somewhere between day 150 and day 415. The homeowners home 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 is a legal event. The impending foreclosure will likely advertised in the local paper, once the case is handed over to local lawyers.
The homeowner still has the chance to halt the procedures leading up to the foreclosure. 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 secured the financial means. Regretably a great many of homeowners will be forced from their property by the local sheriffs department. This situation could be prevented if the homeowner pocesses the knowledge about what is available to them when they are facing foreclosure.
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