Question:

What includes a mortgage foreclosure timeline?

Answer:

The mortgage foreclosure timeline will be different for different states, but in general here is the outline of what will happen:

Mortgage Foreclosure Timeline

In the first two weeks after the borrower misses a payment nothing will happen. You are able to make the omitted payment and no one will notice. After that, by the end of the second month the borrower is contacted by the lending company and is informed that late fees have been charged and about the exact terms of the mortgage agreement they violated. The borrower is given usually a month to take steps towards becoming current on payments. This is the time when you should develop a plan with your lender or with a foreclosure attorney that will accommodate your late payments into your financial situation and help you out.

After that grace period is over and if the borrower has failed to take the appropriate steps, the next to occur in the mortgage foreclosure timeline is announcing the foreclosure in the public. Your lender may hire a lawyer to represent them who will list the foreclosure in the newspapers and/or the local court, whichever is requested by the state law.

In some states, a borrower may get almost a year to repossess their house and/or make their debt current. In other states a delinquent borrower may be forced out of the property right after the foreclosure auction.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: