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What Happens During Foreclosure?

The foreclosure process is not only a legal procedure but is a very emotional time in the lives of those that are losing their homes. Today, we hear all the homes that on the market due to foreclosure. The individuals that lost their homes may not have known how the process works and if there was anything, they could do to stop foreclosure. Information on foreclosure is the best ammunition if you are nearing foreclosure and want to keep your home or your credit. The answer for everyone facing foreclosure is to talk with a professional real estate attorney that understands the laws in your state regarding foreclosure.

Every state has a set of laws governing foreclosures but the basic procedures are close to the same.

The foreclosure process can start after only missed mortgage payment, however, most banks or lending companies have a “grace period” for late payments. Of course, with late payments comes other fees. Normally, the process of foreclosure does not begin until a person is 30 days late on their payment. At this time, lenders are often reluctant to accept any payment unless the individual is paying the past due amount along with the next installment. The lender can refuse any partial payment.

The first notice a person will receive after they are behind in payment is known as “Notice of Default”. This will be presented in most cases by the local sheriff and also through the mail. There will be a court date in the majority of states, at this time all parties should appear. If you have tried to pay your mortgage but there are certain circumstances that have prevented this, you should talk with a real estate attorney as well as your lender. There are ways to avoid foreclosure, but you must act quickly and if possible, hire the assistance of a bankruptcy lawyer.

By the end of three months, in most cases, the lender will own the property unless the homeowner has found legal ways in which to avoid foreclosure. The lender at this time can sell the property at auction or put it on the market to sell. If you have not moved from the property, the sheriff will physically evict you with or without your belongings, according to the laws in your state.

Ignoring the foreclosure will not make it go away and is the worst thing a person can do if they want to stay in their home. Consult a foreclosure attorney.

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