The foreclosure process differs in each of the 50 states. If you find yourself standing before the foreclosure monster with no means of making a payment, it is advisable that you take a good look at the foreclosure laws in your state.
The differences range from lender notices that must be mailed or posted, buyback periods, and the scheduling and bank notices issued regarding the auctioning of the house. Although the timeline is complicated the goal of this article is to give you a basic understanding.
When you first fall behind with a payment, the lender will contact you by phone, and mail. A late fee will also be added on to your payment. In most cases the lender will not add a late fee until after the 15th day of your payment being late. It is important to know that most lenders are willing to work with you if you initiate the communication process and let them know your current situation.
If 30 days have gone by and you still are unable to make a payment the mortgage company will begin the old harassment tactics. By that I mean the annoying phone calls. There goal is to find out why the payment hasn’t been made. Avoiding these calls is a critical mistake. Although you are way behind it still isn’t to late to attempt to open the lines of communications.
Once you begin communicating with the lender one of your main goals besides the obvious (keep them from starting the foreclosure proceedings) is to keep them from putting a 30 day late payment on your credit report. This process will damage your future negotiation process severely.
Even if your property has been sold you still have what is known as a redemption period. You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. This is the only way that you will stand a chance at getting your home back. Also keep in mind that that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.
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