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Home / Foreclosure Timeline
Foreclosure Timeline
If you are worried about foreclosure and want to stop foreclosure from happening to you, you need to know a bit about the foreclosure process as well as the foreclosure timeline that will take place. Bear in mind that in some states, the lender can proceed against you with a foreclosure sale without going to court. This is known as a non-judicial foreclosure and is exercised by the Power of Sale clause that is part of the security instrument that you signed when you got your mortgage (usually a deed of trust).
The sooner that you act to stop foreclosure, the more options that you have open to you and the better control you will have over the situation. The minute that you feel that you are in danger of losing your home, you should act right away to stop foreclosure by seeking a free foreclosure evaluation from qualified loss mitigation firms. Loss mitigation specialists will be aware of the foreclosure laws in your state and how they can affect you.
Foreclosure Timeline
Your mortgage is often paid in arrears. That means that you are paying for the prior month’s mortgage payment. Most mortgages are due on the 1st of the month and offer a 15 day grace period. Many people wait until the last day to make their payment. If you miss the payment, your mortgage is past due.
Day 1 - This is the day that your mortgage is due. You have 15 days, in most cases, to make the mortgage payment without falling behind.
Day 16 - You missed the grace period allowed and your mortgage is now officially past due. You may get a call from the lender asking you to make a payment when this occurs. You will also incur a late penalty for paying past the due date.
Day 30 - This is the day that your mortgage is officially 30 days past due. A late fee has been applied to your account and your second mortgage payment is due. You are most likely receiving calls from the lender asking where the money is. In some cases, the lender may start proceeding with the foreclosure by issuing a Notice of Default once your mortgage is 30 days past due. The foreclosure laws vary from state to state, but most states will allow the Notice of Default to be issued when the mortgage is more than 30 days past due.
Day 60 - Your mortgage is two months past due. You have been most likely receiving daily calls from the lender. You may also have received a Notice of Default or, in the case of a judicial foreclosure, may have already received a summons from the sheriff indicating that the lender is proceeding with a foreclosure suit against you. You will have to appear in court and file the right papers to stop foreclosure from continuing.
If you live in a state that allows non-judicial foreclosures and you have a Power of Sale clause in your mortgage or deed of trust, then you may by now also have received a Notice of Sale. There are some states where the timeline for foreclosure ends in as little as 60 days. If you have not sought a free foreclosure consultation, you should immediately speak to loss mitigation specialists who will analyze your case, the laws in your state and advise you on what to do to stop foreclosure.
Day 90 - You are 3 months behind on your mortgage payments. If you have only a bit of equity in your home, you may find that the accruing interest and penalties are adding up fast. In some cases, you may find that you owe more on the home than the home is worth. If you live in a state that allows non-judicial foreclosures, chances are that you have already received a Notice of Sale. If your lender is proceeding through the court system, chances are that you have already received a summons.
In many states, 90 days is about all you have before the sale is set of your home. You will then wait for the foreclosure sale to commence and then eviction proceedings will commence. This can take another 30 days.
Day 120 - You are now 4 months behind on your mortgage. You most likely live in a state where the foreclosure process has to go through the court and are deep in the foreclosure process. Can you still stop foreclosure? Yes - but you have to act now. As long as no judgment has been entered, in most cases you can stop foreclosure. Some states, however, do not allow for the judicial process to be stopped once started.
Foreclosure Sale Day - This is the day that your home is sold to the highest bidder at a public auction. It can be sold at the courthouse or on the property. Once the property is sold, you may not have any recourse in action. There are some states, however, that have a right of redemption period. This is a certain length of time that you can save your home from foreclosure.
End of Redemption - If you live in a state where there is a right of redemption, the lender will commence with evicting you. The county sheriff will serve eviction papers and you generally have three days to get out of the house. If you do not leave, the sheriff can evict you by force in most states. This is the end of the timeline and the end of the foreclosure process. You have lost the right to live in your home and have to get out.
Obviously, you are better off to stop foreclosure at the first sign of trouble. While the foreclosure timeline is longer in some states, it can be shorter in others. You do not want to wait until the end of the timeline for an eviction. If you feel that you might be heading towards foreclosure, the best thing to do to stop foreclosure from happening to you is to act immediately and get a free foreclosure evaluation. Get foreclosure help before it is too late from qualified loss mitigation specialists.
To find out how we can help you stop foreclosure, get a free foreclosure evaluation by contacting us at 866-477-7050 or click here to get started now.