Foreclosure Timelines
Time frame on foreclosure proceedings
How long does it take for a foreclosure?
Foreclosure Timeline
As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times. Here's a look at a timeline from late payments to foreclosure.
DAY 1
It's the first of the month, and the mortgage payment is due. The borrower misses the payment.
DAY 16-30
A late charge is assessed. The company that processes the borrower's payments (called the mortgage servicer) begins to attempt to make contact with the borrower to find out why the payment is late. File is sent to the Collection Department.
DAY 45-60
The servicer sends a "demand" or "breach" letter to the borrower pointing out the terms of the mortgage have been violated. The borrower is given 30 days to resolve the situation by paying the delinquent amount.
DAY 90 Notice of Default
Foreclosure proceedings start with a Notice of Default (NOD. The document is recorded at the request of the lender by the trustee and is recorded in the county in which the property is located. The recording of Notice of Default gives "Constructive Notice" to the public.
After the recording of the Notice of Default, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as Reinstatement Period.
DAY 180 Notice of Trustee Sale
If the borrower does not reinstate their account within 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS).
DAY 201
After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.
Experience shows us that if you're facing foreclosure, time is of the essence. It's in your best advantage to see if a mortgage loan modification can work for you to resolve mortgage problems and to save your home.
We have the experience to help. If you're in the foreclosure timeline then you don't have time to lose. The best chances of getting a loan modification are within the first few months. As the foreclosure timeline progresses, your chances of successfully renegotiating your loan will become increasingly difficult if not impossible. Don't risk losing your home when there is help for you today.
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