How long does the foreclosure process last and what are the stages? Is court first or are u just evicted?

by oliver on September 30, 2010

Question:

How long does the foreclosure process last and what are the stages? Is court first or are u just evicted?

I am about to be 4 months late on a Fannie Mae loan in Florida. I have already received a certified letter stating they can accelerate the loan if I don’t pay in full in 30 days!

Answer:

If you are under a loan from Fannie Mae and are 4 months late in your payments, you are most likely not facing foreclosure yet. However, prevention is better than cure so you have to make ways in order to bring your payments current. You can talk to your lender and work out an agreement in order to prevent the event of foreclosure. If you are expecting a large amount of money in the future, you can propose for a forebearance wherein you will give the total amount of debt that you owe in one lump sum.

You can also seek the help of banks and companies to refinance your loan. This way, you mortgage will also become current and you will not face foreclosure. Another option for you would be loan modification wherein the terms of the mortgage are changed to make it more affordable to you. There are plans which are brought into play by President Obama which are specific to Freddie Mac and Fannie Mae loans. You can call your servicer to apply for assistance and determine if you are qualified for the help. These are just some of the ways to prevent your property from facing foreclosure. To decide wisely, contact a real estate attorney.

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