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Cameron And Zoraida Foreclosure Help
Free Reports - Typical Foreclosure Timelines
When you miss your first mortgage payment by one day, you may be involved in the start of a foreclosure. The process can develop a life of its own without your input so you should act quickly. You may be tempted to just let things go if you think you don´t have any other options available to you, or because it just seems easier. Things will not be easier for you in the long run. Statistics indicate that 50% of all home loans go into foreclosure without any personal contact between the borrower and the lender. You need to know the process in order to prevent it.
The following are some basic guidelines of what you can expect with estimated timelines.
1. If you´ve missed your 1st mortgage payment, you may not face any penalties for up to 16 to 30 days, but after 16 to 30 days late charges will start to accumulate and your lender will try to contact you to ask why you haven´t made your payment.
2. After 30 days you are in default on your loan. Failure to pay your mortgage after 30 days means your lender may exercise the right to take your home. Most lenders would prefer not to foreclose on your home, and will allow you to pay only part of the late payment. Some lenders may demand the whole payment and all of the fees.
3. On about day 45 the lender may send you a letter that about your mortgage terms and give you 30 days to resolve the delinquency. After 60 days a lender will probably file a "Notice of Default" at the county clerk´s office.
4. On the 60th and 90th days your costs really start to add up. The lender will send you another notice of default and add collection costs on top of the other late fees. Also, the lender will likely turn over the loan to its legal department, who will send the documents to an attorney to begin formal foreclosure proceedings against you.
5. Somewhere between day 150 and 415 a "notice of Trustee Sale" will be filed and your home will be scheduled for sale at an auction or foreclosure sale. In this period of time certain requirements must be met as part of this legal proceeding, including the advertisement of the impending foreclosure in local newspapers. You may be given the chance to purchase the property depending on where you live, but most likely you will be forced out of your home by the local sheriff´s department.
We help homeowners use a Short Sale to avoid home foreclosure in Somerset County and Middlesex County New Jersey real estate market.
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