At this time when everyone is holding on to their properties, how can you be sure that you are safe and secure. If you are a homeowner, you might have gotten extra careful and worried about your house, since there have been a lot of foreclosures cases in the past months. Be informed about how you can prevent foreclosure.
If you are one of those homeowners who are facing foreclosure, you have to make sure that you know all the necessary information you need about the legal proceedings of a foreclosure. To stop foreclosure, you have to contact your lender to get information and other help for you to keep your home.
Here is the timeline of a legal proceeding for a foreclosure:
Day 1: You are not able to pay your home mortgage. You plan instead to pay your on the 15th of the month.
Day 16-30: You have already missed the deadline for your home loan mortgage payment, so you have to pay for late charges. Your lender could call you right after you missed your payment to check on you and your reasons why you were not able to pay on time.
Day 45-60: Your lending company would send you a letter of demand or breach. This includes the terms of your home mortgage and how you have violated them. This is a call to action for your part. For you to prevent foreclosure, make sure that you do something about your situation.
Day 90-105: If at this point you still have not paid your home mortgage loan, then you are already considered delinquent. Your loan would then be forwarded to the foreclosure department. The next step here is foreclosure proceedings. Different states have different ways of how they go about foreclosures.
Generally, though, the lender would record a formal notice about the foreclosure. A public record would also be made along with details of your debt. This would be posted in local newspapers. Hearings on your foreclosure case would also be done as well as court filings.
Day 150-415: If all the actions undertaken were done and you still have not paid your home mortgage, your house would be put on a foreclosure auction or sale.
Make sure that you exhaust all your resources for you to be able to prevent foreclosure. Keep your home by doing all necessary actions and by knowing at what stage you already are in your home mortgage payment.
You can stop foreclosure as long as you know what to do. Be assertive in taking actions, and you will surely be able to prevent foreclosure.