I f you live in California you need to be aware that the lender usually files a Notice of Default when you are 60 days behind on your house payment. You can expect to receive a “breach of contract” letter from your lender within 45 to 60 days stating the mortgage terms.
At that point in thetimeline for foreclosure you’ll be allowed an additional thirty 30 days to find a way to catch up on your house payments. During this period of time a mortgage collector will likely call you quite frequently to monitor your ability to pay. At that point you may exercise your options to implement a repayment plan which could possibly include a request for loan modification.
If you can not successfully generate enough money to catch up on your house payment you can expect to receive a “notice of default” within sixty to ninety days. When that happens you will be slammed with added late fees to cover the cost of paying a collection agency to collect the unpaid debt.
After the ninety-day process has run its course and no viable solutions have been found your loan will be passed on to your lender’s legal department and the personnel working in the legal department will mail the documents to a local attorney who will begin the foreclosure proceedings.
On or about day 150 to 415 of thetimeline for foreclosure a “Notice of Trustee Sale” will be filed at your local courthouse and your house will be scheduled to be sold at a foreclosure auction or a foreclosure sale.
There are standard guidelines that must be observed during a foreclosure process simply because foreclosure proceedings are considered a legal event. For example, the local attorneys who are handling your foreclosure case are required to run an add of the impending foreclosure.
You, as the homeowner have every right to stop the process leading to foreclosure. You’ll find that most states have laws regarding that give you tis legal right.
Read More About Timeline For Foreclosure: Part II At Timeline For Foreclosure