Article Trunk



Foreclosure Timeline All 50 States – A Basic Understanding

06.18.2009 · Posted in Home and Garden Articles

The process of foreclosure various in all 50 states. If you find yourself headed towards foreclosure and you have no means of making your payments – it is advisable that you take a good look at the foreclosure laws in your state.nnEach states foreclosure laws differ in a variety of ways such as lender notices, scheduling, buyback periods, and bank notices issued regarding the auctioning of the property. Do to the complexities of the foreclosure timeline this article is only meant to give you a basic understanding of the process.nnYour first time missing a mortgage payment, your lender will contact you by phone in some cases they will even contact you by mail and a late charge will be added on. A late fee isn’t normally added until after the 15th day. Most lenders will work with you if you give them a call in advanced and let them know that you are going to be a little late.nnIf 30 days have gone by and you still are unable to make a payment the mortgage company will begin the old harassment tactics. By that I mean the annoying phone calls. There goal is to find out why the payment hasn’t been made. Avoiding these calls is a critical mistake. Although you are way behind it still isn’t to late to attempt to open the lines of communications.nnOnce you begin communicating with the lender one of your main goals besides the obvious (keep them from starting the foreclosure proceedings) is to keep them from putting a 30 day late payment on your credit report. This process will damage your future negotiation process severely. nnEven if your property has been sold you still have what is known as a redemption period. You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. This is the only way that you will stand a chance at getting your home back. Also keep in mind that that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.

Leave a Reply

You must be logged in to post a comment.