The foreclosure process is regulated at the county level and it will vary even from one county to another neighboring county. The following timeline is typical but should only be used as a general guide to the proceedures.The reasons why you fall behind on your mortgage payments are not taken into account by the bank, they just want the loan repaid as agreed upon in the mortgage.
In general the foreclosure process goes through the following steps but the actual number of days between each step may be different in your County. You can contact the County Prothonitary in your local courthouse to get the precise timeline for your location. A knowledge of the steps involved is necessary to know what actions you may take to avoid foreclosure.
Let us assume that your mortgage payment was due today and you miss the payment.
Day 16-30: Late charges are assessed on payment. Your lender may start making phone calls to you about the late payment.
Day 45-60: Lender sends a letter to you explaining that the terms on the loan were violated and demanding payment.
Day 90-105: Lender hires local attorney to file a Notice of Default at the County Courthouse.
Day 150-415: Sherrif sets a date for the property to be sold at auction.
Day 150-415+: After the sale, some states grant you a "redemption period" in which you can still get the property back if you can pay all the fees.
It is very important to take action immediately if you fall behind in mortgage payments. Let the lender know your circumstances before they start foreclosing. Your best chance of saving your home is to have someone who knows the process working on your behalf. They will know what can be done for your particular circumstances and when it needs to be accomplished to avoid a sale at auction. Some of the alternatives may include, contacting the lender to set up a repayment plan, renegotiate your mortgage and add the late payments and penalties to the end of the mortgage or sell your home before the auction date. You may offer the lender a "deed-in-lieu of foreclosure" which means you lose the house but save further damage to your credit rating.
None of the choices are desirable but if you do nothing you will lose the house and your credit.
The author, Jamie Brook is a Foreclosure Prevention Consultant.
He may be reached through his website at http://www.client.7p6.net
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