 |
It's the first of the month, and the mortgage payment is due.
You the borrower misses the payment.
Day 1 to day 30
Your Mortgage carrier will now place a late charge on payment.
The company that processes the borrower's payments (called the mortgage servicer)
will start attempting to make contact with you to find out why you were late.
Day 45 to day 60
The Mortgage carrier sends a "breach" letter to the borrower
pointing out the terms of the mortgage have been violated.
You the borrower are given 30 days to bring your situation current.
Paying the amount due (the mortgage) plus and late fees, and or penalties
that may have incurred due to being late on your mortgage payment.
Day 90 to day 105
The mortgage carrier refers the loan to the foreclosure department and usually
hires a local attorney or other firm to start foreclosure proceedings.
Depending on what state your home is located in , the services representative
will record a formal notice of foreclosure at the local courthouse,
publish details of the debt in the local newspaper, attend hearings
on the case and make appropriate court filings.
Day 150 to day 415
The house is sold at a foreclosure sale or auction.
The wide time range is due to different state requirements.
Borrowers in states with judicial foreclosures, or those in which lenders
have to retake property titles via the court system, can get almost a year
to straighten out their affairs before the sale.
Those in nonjudicial states have as little as two months.
Day 150 to day 415 and on
After the sale, there are some states that grant borrowers a "redemption period"
in which they can still repurchase the property if they have the money.
Most force consumers out immediately following the auction.
|
|
|
Legal Disclaimer: This information on this site is NOT legal advice. You should consult with your attorney prior to signing anything.
|
|
|
