Facing Foreclosure? Know What to Expect!

Foreclosure is a scary thing. Part of what’s scary is the unknown. We found this article that outlines the foreclosure process that we hope will eliminate some of the mystery and unknown as you embark on a journey we know you didn’t want to take in the first place.

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From the article:

Stage One: Missed Payments
In most states, a homeowner must fall 90 days behind on their mortgage before the mortgage lender can legally initiate the foreclosure process. So if you have missed fewer than three payments, you’re not actually in foreclosure. However, this phase is very important, because (a) you have to go through it before the foreclosure process can start, and (b) this is the phase in which you as a homeowner have the most options at your disposal.

If you are in the missed payment stage, this is the best time to rework your finances, to call your lender to work out a compromise, and to put your home on the market for a fast sale. Check out 7 Steps to Avoid Foreclosure for specifics on what to do in the missed payments phase.

Stage Two: Pre-Foreclosure
Once a homeowner’s mortgage payments have not been made for at least 90 days, the lender records a public notice that the owner has defaulted on their mortgage, and then mails the notice to the homeowner. In some states this notice is called a Notice of Default (NOD); in others, it is a Lis Pendens. Depending on the law in your state, the lender might be required to post the notice on your front door.

This pre-foreclosure stage is really a grace period; it gives a homeowner three calendar months to “cure” your default. What’s the cure? You can either work out an arrangement with the lender, sell the place or come up with the cash you owe. Read 5 Ways You Can Stop the Foreclosure Process to kick-start your plan.

Click here to read the entire article: http://www.frontdoor.com/real-estate/the-stages-and-phases-of-the-foreclosure-process

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