When Does the Foreclosure Process Begins?

May 10th, 2015

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Homeowners with good steady jobs and live within a family or personal budget are familiar with the term foreclosure, but probably cannot tell you when the foreclosure process begins and ends. Reason being, as long as they are making their mortgage payments on time they would have no need to be concerned with the details of a foreclosure. Although, at settlement, the settlement officer explained to them what happens if they do not pay the mortgage payments on time. For the most part, they have always remembered that statement and make certain they pay their mortgage on time. However, this is not the case with homeowners who have missed a mortgage payment or two. More than likely these homeowners have received letters from the mortgage company letting them know that the foreclosure process has begun. The foreclosure process basically begins when a mortgage payment is 30 days late. In many cases, when the mortgage company receives the missed payment along with any penalties and fees included, the bank ends the foreclosure process. For some homeowners, when the missed payments are few and the penalties and fees are small, they may not feel the real pain of the foreclosure process. But, when there are several missed payments and the penalties and fees are large, the pain is severe; they may not be able to end the foreclosure process. Unfortunately, the home ends up going to a foreclosure sale. Although, the homeowners have the right to purchase their home back at the foreclosure sale, they must have all required funds on the spot. In most case, the amount of funds needed is more than they come up with.

If you are in the pre-foreclosure process, that is, you have missed a payment and have no real means of making that payment and future payments. You are delinquent on your mortgage and need to take corrective action immediately. Don’t Wait! Contact Melvin for Help.

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6 Responses to “When Does the Foreclosure Process Begins?”

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