Timeline of Events Leading to Foreclosure

The best defense when you are facing financial difficulty or see that you may have trouble in the future, become familiar with the specific laws in your state and the timelines involved.

We Buy Houses – Youngsville LA: If you are experiencing what millions of other American families are facing today you might be having trouble making your mortgage payments. You know you aren’t alone, but somehow that doesn’t make it any less troubling. Most people have never experienced this kind of trouble and aren’t familiar with what to expect and when. Knowing what’s coming and how long you have to deal with each step is helpful and can even give you ways to remedy your situation.

When you miss a payment the first thing that might happen is simply a phone call from your lender. They may ask you if you are aware that your payment is late. The representative might also ask you when you expect to send the payment. After completely missing one payment and when you are close to having missed 2 payments, you may then receive a letter in the mail, also from your lender.

“After the pre-foreclosure period begins, you will be informed as to your status and how much you currently owe to get out of trouble and avoid foreclosure.”

The letter should be informative at this point and will give you the timeline and the amounts that you must pay to catch up. It might also explain to you what their procedure is for placing you in pre-foreclosure and what that means to you. It is commonly a period of time in which you can attempt to catch up with the missed payments and pay any fees associated with the process at that time. After the pre-foreclosure period begins, you will be informed as to your status and how much you currently owe to get out of trouble and avoid foreclosure. Each state and county has its own rules and laws governing real estate loan defaults. In some states the process is fastest than others.

There are no long waiting periods that will occur in these states, so a foreclosure can begin after just 3 missed payments. In states where a foreclosure involves an actual lawsuit, you might have more time, but you will most likely also have larger fees to pay if you want to stop the foreclosure. These cases have legal fees on top of the costs of the foreclosure proceedings. The best defense when you are facing financial difficulty or see that you may have trouble in the future is to become familiar with the specific laws in your state and the timelines involved. Don’t hesitate to call your lender when you expect to have trouble to see if you can work something out before it becomes a legal matter.

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