Colli Real Estate

Foreclosure Timeline

Foreclosure Timeline

Here is a typical Foreclosure Process

1. Day 15: The usual grace period is over. Collection calls will begin and you are now subject to penalty fee’s

2. Day 30: The collection calls will begin to get more serious and collection letters will start to arrive in your mailbox. The lender will appoint someone to call you at your work or home.

3. Day 60: Your collection letters will now mention that your account is in default of the loan agreement. The demand letter will most likely ask for you two make two payments to bring your account current. In addition you may also be responsible for late fee’s.

4. Day 90: This is when the situation begins to get very serious. The collection letters will demand that you immediately pay three payments to bring your account current. The term “Foreclosure”  will probably be mentioned to you. A foreclosure attorney working for your lender will attempt to contact you and will also file foreclosure documents with the court house.

- Once you are served with the court documents you will typically have 20 days to respond. Make sure to check the document carefully to determine the exact date you need to respond by. This situation is now a matter of public record and it’s important to follow your states rules throughout this process. In addition many companies will contact you offering their “Foreclosure services” . There’s nothing wrong with enlisting professional help (as this is a complicated legal process) however it’s important to do your research and only go with a reputable company (preferably an attorney).

5. Day 110: A court date is set for the Summary Judgment Hearing. (usually 30-60 days later)

6. At your hearing the date is set to auction your home on the courthouse steps (usually 30-45 days after the hearing)

7.  At the auction the highest bidder will get your home. The highest bidder is usually the first mortgage holder. In the off chance that your home sells for more then you owe, you are entitled to the excess money (minus any fees owed)

8. Finally 24-48 hours after the auction all occupants must leave the residence and all belongings left behind, now belong to the new owner.

About the Author

The CreditLawGroup.com website of Smith & Gromann, P.A. is a multistate law firm whose practice is limited to federal consumer and banking law under which the credit reporting system operates. The firm provides cost efficient legal representation in disputing inaccurate, incorrect or unverifiable information contained on credit reports from the three major credit bureaus, Equifax®, Experian® and TransUnion® and their affiliates. The firm also provides legal representation to victims of identity theft. Visit http://www.creditlawgroup.com for more information.

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