Foreclosure Timeline All 50 States

The foreclosure process is unique in each of the 50 states. If you find yourself in a critical situation and you feel that you may not be able to make your payments – it is recommended that you take a look at the foreclosure laws in your state.

The differences in the foreclosure laws vary in a variety of ways such as lender notices, buyback periods, and even the scheduling and bank notices issued regarding the auctioning of the property. Because the foreclosure timeline is complicated the goal of this article is to give you a basic understanding.

Your first time missing a mortgage payment, your lender will contact you by phone in some cases they will even contact you by mail and a late charge will be added on. A late fee isn’t normally added until after the 15th day. Most lenders will work with you if you give them a call in advanced and let them know that you are going to be a little late.

Once you have missed two consecutive payments the mortgage company will begin the harassment tactics. By that I mean the phone calls – they will begin calling in an effort to find out why a payment hasn’t been made. Most of us make the mistake of avoiding the calls. The right thing to do is open the lines of communications with the lender.

During your communications with the lender you want to try to avoid having them put a 30 days late mark on your credit report. A late notice like this could KILL your credit score. This is something that you want to avoid if possible.

Ok maybe you didn’t find this article until it was to late. Your property is going up on the auction block tomorrow. Believe it or not your still in the game and you still have an outside chance of recovering your home (remember I said an outside chance). 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. Another thing that you will want to keep in mind is 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.