If you are someone facingforeclosure on your home, you may be inclined to ask yourself, what happens during a foreclosure? People facing a foreclosure will want to know the length of time of this entire process, as well as the options available when undergoing a foreclosure. This article serves to clarify things and give you some tips on how to delay the foreclosure process.
What happens during a foreclosure is that your lender will give you notice that the property is about to be foreclosed. This usually happens about two to three months after you have missed your monthly payments. However, you will need to recognize that this varies from one lender to the next
Typically, you will receive a summons or foreclosure notice with regards to the action being taken by the bank. A period of 20 days is normally provided for you to reply to the notice; however, in some states the period can vary. If you do not give a prompt reply, the court will be forced to approve the foreclosure action, and this means that the lender will have full ownership of your home. Your property will then be sold at a local auction during a foreclosure sale.
Before the sheriff forcefully turns you out of your home, you will have between two to three weeks to get out of the property. The entire process, however, may take anywhere between three and six months, since this tends to vary from state to state. Also this will depend upon the effort you exert in delaying the foreclosure as well as your knowledge and ability to do so. These tips can help you delay the foreclosure process effectively.
- You should not hesitate to answer any of the calls made by your bank and to personally request for an extension of the entire process. Banks don’t like foreclosures, and if you are able to ask them politely and convincingly, you may actually get the extension you need.
- Reply to the foreclosure summons or notices. If you do this in the right way, you can get up to a month in extension.
- Speak with your lender and talk about how you may be able to repay the amount you have defaulted on. While this is nowhere near a mortgage refinance arrangement, you can actually get more time if you are able to approach your lender successfully.
- Put forth your case to the judge by attending a court hearing. Doing so will allow you up to 60 days, although you may lose the case.
- Also, if you want to delay the foreclosure for a few months, you can file for bankruptcy. However, this course of action should be considered as your last option. You will need to get expert advice before choosing this option.
You can stop foreclosure successfully if you know the effective ways to do so. There are also ways for you to keep your home mortgage free, although you may not be qualified to avail of The Obama Loan Modification Plan.