Timeline For Foreclosure
Before you start thinking about the timeline for foreclosure you need to be aware that there’s a system in place to help avoid it. You may or may not know it but you can simply file a voluntary bankruptcy petition with the United States Bankruptcy Courts and stop the foreclosure dead in it’s track. Most homeowners are not aware that you do NOT need an attorney to file a voluntary bankruptcy petition. Do yourself a favor and sign up here for my FREE report that tells you exactly how you can eliminate the need to know the timeline for foreclosure.
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Timeline For Foreclosure
If you’re going to stop the foreclosure process you must gain the knowledge to do so. Ill tell you upfront that the timeline for foreclosure differs in every state, and it is best that you as a homeowner understand and know not only the timeline but also the compete foreclosure process.
The truth is people are uninformed, lacking knowledge, and this can be devastating. As you know, without adequate knowledge you could come out on the wrong end of the deal. Most homeowners do not realize that there are a lot sharks out there called attorneys and real estate investors who will literally rob you blind as they stand to gain a great deal of money from your misfortune. Sadly, they’ll use the “legal” system to do it which faslsely convinces you that that’s just the way it goes.
Basically the timeline for foreclosure follows these gudelines. The foreclosure timeline starts when you miss your first mortgage payment by a day. At this point there are no penalties. If you fail to pay within 16-30 days there will be a late charge added to the amount of your house payment and more than likely your lender will contact you and ask you why you haven’t paid your house payment.
The longer you wait to pay your house payment the deeper in debt you will go. For example, if you haven’t paid your house payment by the sixteenth day of the missed payment, your lender will implement an additional fee which in most states is referred to as a mortgage late fee.
Once your house payment is 30 days late, you will be considered to be in defaultn of your mortgage loan, which simply means you are behind on your mortgage payments. If you fail to pay you house payment after thirty days then your he lender may or may not exercise their right to take your house.
However, there’s no need to panic because your lender had rather help you get you payments back on track than they had to foreclose on your home. Actually, most lenders will allow you to pay only a partial late payment. Unfortunately other lenders may demand full payment of all late fees.
In California foreclosure process, the lender typically files a Notice of Default when the lender is at least 60 days behind in terms of the mortgage payment. Then on the 45th to 60th day, a “breach” letter will be sent to the borrower which states the mortgage terms and the borrower is only allowed 30 days to find a solution for the unpaid amount. In this period, phone calls from the mortgage collector will come frequently. Then, the borrower will offer options to the borrower to resolve his or her predicament and those options are repayment plan and loan modification.
Then, on the 60th to 90th days, a notice of default will be sent to the borrower and collection costs will be probably added to the late fees. Furthermore, the loan will be turned over to the lender’s legal department which will send the documents to a local attorney who will begin the foreclosure proceedings. Then on day 150 to 415, Notice of Trustee Sale will be filed, and then the borrower’s home will be scheduled to be sold at a foreclosure auction or a foreclosure sale. There are benchmarks that must be met during a foreclosure process, since, a foreclosure proceedings is a legal event. Advertising of the impending foreclosure in the local papers should be done, once the case is being handled by the local attorneys. The homeowner or the borrower have every right to stop the process leading to foreclosure, since, most states have laws regarding that. During this period, there are states that give chance to the borrower to purchase the property they have the ability, but, most homeowners or borrowers will be forced out from their homes by the department of the local sheriff.
