Every Homeowner Should Know the Timeline for Foreclosure
Wednesday, September 24th, 2008If you are interested in finding out what it will take to halt foreclosure proceedings you will have to receive the knowledge that will be needed in order to do so. In all honesty, the timeline for foreclosure varies from state to state, but there are similarities. If you are a property owner it would be in your best interest to fully understand and know the entire foreclosure process, not only the timeline for foreclosure. Many borrowers lack knowledge or are completly uninformed, or even misinformed. This sad lack of understanding can end up being devastating.
As you have probably discovered, any undertaking without the required knowledge will likely end up being a bad deal. Many homeowners do not understand or want to admit that there are predators out there disguised as mortgage brokers, real estate investors and attorneys that will steal you blind. Your misfortune, likely caused by lack of knowledge can bring them huge financial growth.
The timeline for foreclosure will generally follow this agenda. The foreclosure timeline is initiated when you are only one day late in sending your house payment. Yes, one day late. Most of the time, at this point no late fees have accrued yet. If you do not pay your entire payment within 16-30 days a penalty or a late charge will be tacked on to the total amount due. Around this time you will no doubt hear from the mortgage lender. They will inquire about why you haven’t sent your mortgage payment. If your mortgagepayment goes more that 30 days late, you will be labeled as in default of your mortgage loan agreement.
