| |
 |
Typical Foreclosure Timelines
When you miss your first mortgage payment by even just one day, you may be involved in the foreclosure process. You need to react expediantly, as the process appears to develop a life of its own without your aid. Yes, it may seem simpler to just let things be if you suspect that there are no other options available to you, but things will not become easier for you in the long run. Current statistics show that half of all home loans are placed into a foreclosure process without any personal contact being made by a borrower. You should familiarize yourself with the process in order to prevent it.
The foreclosure timeline may vary depending on where you own your home, but the proceeding are some basic ground rules of what you can expect with estimated timelines.
1) You have missed your first mortgage payment, you may not face any penalties or fees for up to 16 to 30 days. After 16 to 30 days, late charges-including a possible mortgage "late fee"-will begin to pile up and your lender will contact you to discuss with you why you haven't made your most recent payment.
2) After 30 days, you will be viewed to be in default on your home loan. The failure to pay your mortgage after 30 days means your lender may put into practice the right to aquire your home. Most lenders would prefer to not foreclose on your home, and will allow you pay only part of the late payment; others however, may exercise the right to demand the entire payment and any fees.
3) 60 days after you have missed your payment, a lender will file what is commonly known as a "Notice of Default." Between the 45th to the 60th day you are late on your mortgage payment your lender has the option to send you a letter stating the mortgage terms and caution you that you have 30 days to settle the unpaid balance. You can expect frequent phone calls from your lender, often offering options to resolve the defaulted payment and/or a loan modification.
4) On the 60th and 90th days, things begin to quickly and seriously add up. At this point in time, a notification of default is sent to you and collection costs are compounded on top of the other late fees. In addition, your lender will likely turn the loan over to its legal department which will send the documents to an attorney to initiate formal foreclosure proceedings against you.
5) Between 150 and 415 days a "Notice of Trustee Sale" will be filed and your home will be appointed for sale at an auction or foreclosure sale. In this period of time, there are specific requirements must be met as part of this legal course of action, including the advertisement of the impending foreclosure in local publications. You may be given the opportunity to buy back the property depending on where you live, but most likely you will be forced out of your home by the local police of sheriff's department.
If you want to speak to me NOW call 949 212-1147 OR for a response in 3-12 hours Robyn@RobynSeymour.com |
