Although your home may be in foreclosure we can still help stop foreclosure and save your house
Foreclosure Timeline
All information provided are an approximation of a non-contested, straight foreclosure
Day 1
The first of the month is typically the day in which mortgage payments are due, and is considered late if not received on or by the first.
Day 16 to day 30
The mortgage is still considered late and now there is a late charge assessed on the property.
The servicer (mortgage company that services your mortgage) starts collections attempts and are aggressive in many instances.
Most mortgage companies report to the credit bureaus on the 5th of the month, you will not be considered 30 days past dues if funds are received by the 4th of the month. (mortgage companies do not tell you this for obvious reasons but we want to keep you informed.
Day 45 to day 60
Once the payment is over 2 months past due the servicer sends a "demand" or "breach" letter to the borrower pointing out that terms of the mortgage have been violated.
The borrower is given 30 days to resolve the situation by paying the delinquent amount.
Day 90 to day 105
The servicer refers the loan to its foreclosure department and hires a local attorney or other firm to initiate foreclosure proceedings.
Depending on the state where the home is located, the servicer's representative may record a formal notice of foreclosure at the local courthouse, publish details of the debt in the local newspaper, attend hearings on the case and make appropriate court filings.
Day 150 to day 415
The home is sold at a foreclosure sale or auction. The wide time range is due to different state requirements.
Borrowers in states with judicial foreclosures, or those in which lenders have to retake property titles via the court system, can get almost a year to straighten out their affairs before the sale. Those in nonjudicial states have as little as two months.
Day 150 to day 415 and on
After the sale, some states grant borrowers a "redemption period" in which they can still repurchase the property if they have the money. Others force consumers out immediately following the auction.
Redemption Period -
The period during which a borrower may reclaim the title and possession of property by paying the debt after foreclosure.
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