How Long Between First Missed Payment And Foreclosure?

Homeowners have questions about how long they have between when they miss a payment and when the bank actually forecloses. If you’re wondering how long you have before you have to leave, it depends on whether your case will be handled in a judicial foreclosure or in a non-judicial foreclosure.

For all Foreclosure You miss your first payment ,Your grace period expires (usually 15 days) and you haven’t paid. Your payment is now considered late by your lender. It’s not uncommon to begin getting letters or phone calls from them at this point. Don’t ignore these phone calls.At most lenders, once you’re 60 days late (September 2 in our case), your loan is considered in default and the lender can begin either the Judicial or Non-Judicial foreclosure process. To bring your loan current at this point, you’ll usually be required to pay all past due amounts (your July and August payments), all late fees, and your September payment.

Some Sample of How Long They might be able to live in their home before the foreclosure is finished.

1) State: California
2) Last payment: Feb 1 st late on the 15 th.
3) Bank: Chase/Fannie
4) Got a notice of intent to accelerate April 30

1. State – California
2. Bank – Bank Of America
3. February 2009
4. Date of foreclosure. Notice of Default was filed on Feb 23, 2010

1. State: Georgia
2. Bank: Wells Fargo
3. First missed payment: 12/1/09
4. Notice of Default: 4/19/2010, trustee sale set for June
5. Intent to accelerate: 1/29/2010

The foreclosure sale happens and your house is sold. In approximately 90 – 95% of cases, the owner of your first mortgage wins the auction because they bid the amount that you owe on that loan and usually no one else will go higher than that.

The owner of your home then contacts the county sheriff who posts a notice of eviction on your door. This notice gives you 24 – 72 hours to leave the house and have all of your possessions out. If you’re there when the sheriff returns, he will escort of off the premises and anything left on or in the property will then belong to the new homeowner.

Going through foreclosure is tough and finding trustworthy information is even tougher. Truth in Foreclosure puts out news you can use every day in your foreclosure fight.

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