The timeline for foreclosure can change depending on your state and your lender. The biggest thing you need to remember is to keep communication open with your lender. It will be easier to go through this process if you are willing to talk to your lender. This article will educate you on the steps of foreclosure.
There can be at least six months between the time that you miss your first mortgage payment and when you have to vacate the premises after a foreclosure auction. During this time you have the chance to talk to your lender about alternate arrangements or find a different lender that can help. After missing your first mortgage payment your lender will send you a courtesy letter. After your second missed payment the phone will start ringing. Your lender will start calling you. Believe that your lender does want to help you. They do not want your home because they are not in the home business. Banks do not make money off of the foreclosed homes they have on their books but on the interest paid on home loans.
If you know you are going to be having a problem, you should talk to your lender about payment arrangements before you miss your second payment. Instead of talking to the normal customer service representative, you need to get through to the lender's loss mitigation department. These are the people that can help you with your situation. The timeline for foreclosure can change based on what the loss mitigation department works out with you.
If you have not been taking steps to stop the process or working with the loss mitigation department, and in some instances even if you have been, after 90 days your lender can exercise its right to take the property back. They will send you a letter notifying you of their intentions. By this time you options have started to dwindle but you may still have some. Contact a lawyer to get help.
If you don't take any proactive measures to stop the foreclosure, within the next three months a foreclosure auction sale will be scheduled and the property will be sold to the highest bidder. You have until the time of the sale to pay back all the past due monies owed and bring your mortgage back up to date and keep your home. After the auction is over it is up to the new owner to set a timeframe to vacate the premises.
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