The foreclosure process varies state by state, and each foreclosure will be subject to local regulations. However, here is a general overview of what you can expect:
- Once you’ve missed one or two payments on your mortgage, you will start seeing notices in the mail from your lender.
- If you do not make up the outstanding payments and continue to miss payments, the notices from your lender will become more aggressive.
- If you still do not make up payments and do not respond, you will receive a demand letter from the lender’s attorney. This letter will formally notify you of their intentions to initiate foreclosure proceedings if you do not immediately make your mortgage current.
- If you still do not respond, you will receive a Notice of Default (NOD), which means your lender has filed for foreclosure.
- At this point, you can still reinstate your mortgage by paying all outstanding payments, including any fees and foreclosure costs. However, if you do not reinstate your mortgage, the property will be scheduled for sale by auction.
- Once the home has been sold at auction, the lender and other lien-holders will be repaid what is owed to them and the title of the home will transfer to the new owner. You will no longer have any rights to the property and you must move out.
If you’re worried about foreclosure, the time to act is now. The attorneys at Ark Law Group are here to help with your specific situation – we know how stressful this can be, and we want to find the best solution for you. Contact us today for a free, no-obligation consultation.