Please keep in mind that the process of foreclosure is different in every state. You should thoroughly understand the process of foreclosure especially if you need to stop a foreclosure. Learn all you can because what you don't know can hurt you. The most important thing I must emphasis is that time is of the essence. The more you understand the better you will be armed to deal with your challenge.
First you, the borrower, miss your payment due date. Most mortgage lenders have a grace period so there is no penalty.
Next, after the 15th or 16th day you will pay an assessed late fee depending on the the total cost of your mortgage. If the calls haven't started yet they will begin now. The lender wants to document your reason for being late.
If you haven't paid your mortgage 30 days past the due date, you are in default. The phone calls from the lender begin to increase. When you reach day number 45 or 60, you will get a demand letter. It will state that you have 30 days to cure your arrears.
You will receive by regular mail as well as, Certified Mail your default notice. It will contain the late fees and collection costs. You can expect an increase in phone calls from the lender. Keep in mind they can't threaten or harass you.
No later than 90 days the courthouse is notified by a local attorney. The attorney will also have a notice run in the the local newspaper.
As bad as it seems you still have options. Remember time is of an essence. So make it your business to arm yourself with the knowledge needed to stop the foreclosure process before it is to late. You have nothing to lose.
Most people will do nothing to stop the foreclosure process.Get the methods you need that can end your nightmare now. To get tips and resources, including guidance on foreclosure plans, negotiating and how to stop the foreclosure process
