(The time-frames and actions are sample examples and will vary depending upon factors that include, but not be limited to, State and Federal laws, the lender's policies, options and actions and indeed, the text of the terms and conditions of your specific mortgage agreement. Please contact us for information regarding your specific and unique situation and circumstances.)
1st payment missed:
Lender calls and/or sends letter to homeowner.
2nd payment missed: Lender's collection department/agent call and/or sends "In default" letter. Usually a 30-day default letter is sent to homeowner.
3rd payment missed: Lender's collection efforts continue. Usually a transfer to Lender's Foreclosure Department. Lender sends"Notice of Intent to Foreclose" to homeowner.
4th payment missed: Lender forwards account to foreclosing attorney. Legal fees begin accruing. Lender's attorney sends notice to homeowner.
5th payment missed: Lender's foreclosing attorney schedules Sheriff's Sale date. Sheriff's Sale date is published (usually local newspaper) for six consecutive weeks.
6th payment missed: Occupant is served with notice of Sheriff's Sale four weeks before the Sheriff's Sale.
7th payment missed: Sheriff's Sale occurs. Deadline for homeowner to bring mortgage payments current.
The six (6) month Redemption Period immediately follows Sheriff's Sale. Homeowner retains right to occupy house and payoff entire mortgage including fees/costs. Homeowner must payoff mortgage or vacate house by end of Redemption Period or face eviction. Note: the eviction process may also involve separate and distinct legal proceedings. During the Redemption Period, the lender has right to refuse partial payments and may charge late fees each month. Nonetheless, homeowner has right to reinstate by paying delinquent amount including fees/costs to the lender.
Again, the time-frames and actions are sample examples and will vary depending upon factors that may include, but not be limited to, State and Federal laws, the lender's policies, options and actions and indeed, the text of the terms and conditions of your specific mortgage agreement.
DISCLAIMER: The summaries and statements made in this website are NOT legal advise, rather the information is provided to help prompt your inquiries to clarify terms and to familiarize yourself with new information and concepts that you may refer to when you contact us and ask us about your unique circumstances and situation.
