Foreclosure Timeline All 50 States - Understanding The Basics

by Tim Beachum

The process of foreclosure various in all 50 states. If you find yourself headed towards foreclosure and you have no means of making your payments - it is advisable that you take a good look at the foreclosure laws in your state.

Each states foreclosure laws differ in a variety of ways such as lender notices, scheduling, buyback periods, and bank notices issued regarding the auctioning of the property. Do to the complexities of the foreclosure timeline this article is only meant to give you a basic understanding of the process.

When you first miss a payment, the lender will contact you by phone, and or mail and a late charge will be added on to your payment. In most cases a late payment isn’t tacked on until after the 15th day. The majority of lenders will work with you if you give them a call letting them know your current situation before the payment is late.

Once you have missed two consecutive payments the mortgage company will begin the harassment tactics. By that I mean the phone calls - they will begin calling in an effort to find out why a payment hasn’t been made. Most of us make the mistake of avoiding the calls. The right thing to do is open the lines of communications with the lender.

You are willing to open the lines of communication but are not sure what to do… That’s one of the most common questions that I have been asked. Your goal besides the obvious (keep then from starting the foreclosure proceedings) is to keep the mortgage company from putting a 30 day late payment on your credit report. If they do report the late payment your chances of any future negotiations will be slim.

Let’s suppose that you found this article to late, and your house has just been sold at auction. Although the fight appears over, it is not. You still have an outside chance of getting your home back. You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.

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Published by: Tim Beachum on June 30th, 2009 | Filed under Legal



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