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.
Your payment probably due on the first has been missed. Most banks will give you a grace period of about 15 days so no fees are assessed.
The mortgage lender will begin calling you around the 15th or 16 day past your due date.You will also have to pay a late fee. Your late fee is based on the original size of your mortgage.
On day 30 you, the borrower are legally in default. You will receive more phone calls from your lender. Around day 45-60 a demand letter is sent to remind you on paper what the mortgage terms are, and that your agreement has been breached. You will be given 30 days to pay the back amount owed.
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.
This is an overview to the steps of the foreclosure process. Although you may feel that you are in a very final situation, there are things that can still be done to halt the process of foreclosure. Don't wait until you are in a situation that becomes very costly with extra fees. Your next step is to learn what your options are to stop the foreclosure process.
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 information on foreclosure plans, negotiating and how to stop the foreclosure process
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