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Avoiding Foreclosure Tips: The Timeline in Foreclosure Process

by Sarah Palmer

Are you afraid of foreclosure and losing your home? avoiding foreclosure 150x150 Avoiding Foreclosure Tips: The Timeline in Foreclosure Process

Are you near the end pf your deadline?

There is always a solution in every problem like this. Most of people’s problem today is the increase in payables, taxes, and in basic need prices which may lead to financial difficulty. All these things contribute to your financial woes.

One problem households are facing is foreclosure.

To help you with your dilemma, here is the timeline that you have to observe and the right steps to take to avoid losing your home to foreclosure.

Have you missed payment for the first month?

Contact your lender through letter or phone. A counselor can also help you with the right steps to take.

Have you missed payment for the second month?

Expect a call from your lender asking why you haven’t paid your debt. Don’t be surprised. Just answer the call and explain to them your reason of not attending to your obligation. Do not worry because you will still be able to make a payment to avoid the three months fall back.

Have you missed payment for the third month?

You will receive a “Demand Letter” or “Notice” from the lender stating the amount you are obliged to pay since you missed the third payment. Foreclosure will arise if you will not pay the desired amount or make a deal with them regarding the situation. You need to negotiate with the lenders so that they will be able to consider your reason. Things can be done with good communication. You might seriously consider getting help from a counselor who knows this stuff.

Have you missed payment for the fourth month? 

If you haven’t paid the 30-day deadline or done a negotiation with the lenders, foreclosure is right in front of you. You will need the help of a legal counsel. This is an additional burden for you since you will pay for the attorney’s fees. As much as possible, do not wait for this event to happen.

Foreclosure Day

This time, the attorney will make the property available for sale. An email, notice or even advertisement on newspapers will notify you about the foreclosure of your property. This is your last chance, the options are there. It’s either you negotiate with your lender or you will be forced to pay the entire amount including the legal counsel’s fees. Still the “Notice or Demand letter” and the sale of the property may vary for every state. There are states that take 2-3 months before the foreclosure.

Recovery Period

You may enter the recovery or redemption period through a notification form lenders. They will notify you with the same notice depending on a specific time frame and conditions may vary according to state.

What to Remember

Make sure that you always keep in touch with your lender and don’t be hesitant to ask help or assistance. The estimated date may also differ depending on your state and the mortgage company you belong.

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