What is the foreclosure process from start to finish, starting with being served papers. What is the timeline

by oliver on September 30, 2010

Question:

What is the foreclosure process from start to finish, starting with being served papers. What is the timeline?

I know I have 30 days to answer. Is the home sold immediately after the 30 days, or what? I am very confused! Is there still time to get caught up on the past due amount after I am served papers?

Answer:

The time frame of the foreclosure process varies in every state so if you want to know the details specific to your state, seek your local authorities. However, the usual time period involves, as you said, a 30 day period to answer the Notice given to you. You can still ask for an extension if you think that you can make your payments current after a while. The most important thing for you to do would be to talk to your lender and work out an agreement. If you are expecting to receive a large amount of money, ask your lender to agree on forebearance. In this option, you will give the total amount of debt you owe in one lump sum. You can also ask the help of the banks for refinancing or loan modification.

If you are able to work out an agreement with your lender, the foreclosure process will not take place. If no agreement was made and if you were not able to make your mortgage payment current, a notice of sale will be issued, stating the time and date when your property will be sold to the public thru auction. Usually, the notice is issued 21 days before the date of sale so you still have time to work things out. If the auction is finished, and your state does not allow redemption rights, then you will be forced to leave your home.

Leave a Comment

Previous post:

Next post: