Foreclosure Process - Can the Foreclosure Process Be Delayed For Over Two Years? Learn the Facts
Many of my readers have been recently writing me to ask about the foreclosure process. The possibility of foreclosure is a common concern for many homeowners these days.
It is imperative to understand the facts relating to this event. Homeowners need to have a grasp of the basic concepts if they are serious about keeping their house.
The laws surrounding foreclosures can vary from state to state, and in some cases some issues can be extremely complex. However, the laws can be analyzed step by step, and many of these steps are quite understandable. This article will guide the homeowner along the foreclosure process and explain each step.
While there are similarities in the steps among the laws of the different states, homeowners need to keep in mind that the time required for any given step and time limits for accomplishing the steps will likely vary.
The beginning of the foreclosure process is when a homeowner misses the first payment. When this happens, the lender will usually send a late payment within a few weeks of the missed payment as well as inform the homeowner over the phone that the loan is in default.
The nature of the phone calls will become more serious, and the frequency will increase with successive missed payments. It is imperative to attempt find out what alternatives are available, such as hardship plans or payment re-negotiation.
After three months, lenders will likely file for foreclosure, though some may allow more time. The foreclosure process proceeds with the delivery of a foreclosure notice or summon to the homeowner. The homeowner has the option of attending the court hearings.
The usual time frame for the court hearings is 20-30 days, but the homeowner needs to verify the exact amount of time in the state of residence. At this point, since the homeowner has been in violation of the mortgage contract for several successive months, it is very unlikely for the homeowner to succeed in stopping the foreclosure process.
The lender will be able to auction the property if the homeowner does not request a hearing or loses the hearing. The foreclosure process can proceed very quickly at this point. At times the property can be auctioned within a week, and the homeowner will then have between 15 and 30 days to move out. If the homeowner does not comply, the sheriff can forcibly evict the homeowner and put the belongings on the street.
Foreclosures can be very trying experiences. Homeowners can find it very difficult to face the situation of having no place to live or to put their belongings.
Fortunately, foreclosures can be avoided. Even in cases where this is not possible, the foreclosure process can at least delayed for years. Often, foreclosures can be avoided or delayed without having to resort to using the services of lawyers or agencies. The key is to become informed.
A period of unemployment or lack of income should be no reason to panic for informed homeowners. With the right amount of savvy and diligence, homeowners can find the information necessary to combat the foreclosure process.
Foreclosure Process - Can the Foreclosure Process Be Delayed For Over Two Years? Learn the Facts. Retrieved January 16, 2009, from http://ezinearticles.com/?Foreclosure-
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