Stop Home Foreclosure

Step 1: Understanding how foreclosures work

To stop home foreclosure it is important to understand the foreclosure timeline and foreclosure process. The foreclosure process varies by state. Local laws define specific required times and notices. This foreclosure timeline is provided to give you insight into how an average foreclosure process works. State specific information is provided where appropriate to allow you a better understanding of what you can expect in your area.  The information provided here is not legal advice. For specific information on your particular situation in your state contact a HUD approved counselor or an attorney (Step 5: Where you can go for foreclosure help).

The first step in understanding how foreclosures work is realizing that each state handles foreclosures differently.  To understand how your state handles foreclosures see our state foreclosure information.  For any terms you are not familiar with see our glossary.

Missed Payment

Lender will attempt to contact you; usually first by phone, then a by mail.

15-30 days

Lender will continue with more frequency to contact you. Late fees start to accrue.

45-60 days

A Letter of Demand (also called Letter to Accelerate, Letter of Breach, or Letter of Delinquency) is sent to you. The letter informs you that the lender will begin formal foreclosure proceedings if you don’t contact them and discuss a solution. The letter will provide a time frame (typically 30 days) during which you can contact the lender prior to the foreclosure process.

90-105 days

Notice of Default (NOD) is filed by the lender’s attorney at the local court house. You will receive a letter notifying you of the Notice of Default, which indicates the lender has begun formal foreclosure proceedings. The notice of default is public record and scam artist can use this information to contact you and attempt to take advantage of your situation (Step 6: How to avoid foreclosure scams). If you seek to repay your lender after this point, you will also have to repay their attorney fees and any other foreclosure related expenses.

Average time between Notice of Default and foreclosure sale for each state:

3-5 weeks prior to sale

Notice of sale letter sent to you.

Notice of sale published in local newspaper.

Notice of sale sign posted on your property.

25 days prior to sale

Notice of sale sent to IRS (if required)

14 days prior to sale

Record Notice of sale with local Recorder’s Office

Public sale of your house

One day after sale

Redemption period (if applicable) begins. The redemption period is the amount of time you have to re-acquire your house. You will have to repay all moneys owed (loan balance, fees, foreclosure costs) during this time to get your house back. Listed below are the redemption periods by state. If your state is not listed there is no redemption period and you don’t have the option of re-acquiring your home.

• Step 1: Understanding how foreclosures work
• Step 2: Slow down the home foreclosure process
• Step 3: How and why to communicate with your lender
• Step 4: Understand all of your options and home foreclosure alternatives
• Step 5: Where you can go for foreclosure help
• Step 6: How to avoid foreclosure scams
• Step 7: Get on a budget

Enter your search terms

Web www.foreclosurefactfinder.com Submit search form

 
Home          Stop Home Foreclosure Guide          Stop Home Foreclosure Glossary          Contact Us 

The information contained in this site is based on our opinions, research, and experience dealing with the foreclosure process.  It does not constitute legal advice.  If you need legal advice specific to your personal situation, please consult an attorney.