The foreclosure process varies from state to state. This is a general timeline for the foreclosure process, because most people think that they have more time and that they will not lose their house. However, failing to act and allowing the process to progress too far can result in foreclosure and evication. Don't delay; if you are facing foreclosure, have received a notice of default, or are failing behind on your mortgage payments, speak to a foreclosure lawyer today and save your house.
The First month missed payment: You will be contacted by your lender by letter or phone. A housing counselor or foreclosure attorney can help.
The Second month missed payment: You will probably be called by your lender to discuss why you have failed to make payments. Don't avoid the calls from your lender. Talk to your lender and explain your financial situation and explain what you are trying to do to resolve it. You still may be able to make one payment to prevent yourself from falling three months behind. A housing counselor or foreclosure attorney can help.
The Third month missed payment: Your lender will send you a letter stating that you are delinquent on your payments for a certain amount and that you have 30 days to bring your mortgage current. This is the "Demand Letter" or "Notice to Accelerate." Failure to pay your mortgage at this point, or to at least make an arrangement with the lender will result in the lender beginning the actual foreclosure proceedings. The lender will probably not accept less than the total payments due without specific arrangements being made if you receive this letter. A housing counselor or foreclosure attorney can still help.
The Fourth month missed payment: This is approximately the end of time allowed in your Demand or Notice to Accelerate Letter. At the end of the 30 days, if you have not paid the full amount owed or worked our arrangements you will be referred to your lender's attorneys. You will incur all attorney fees as part of your delinquency. A housing counselor or foreclosure attorney can still help you.