What You Need to Know About Foreclosures
Here are some things every homeowner should know about foreclosures.
I’ve had a few clients reach out recently asking about the foreclosure process and how long it usually takes. Today I’m going to cover all of that and more.
Normally, mortgage companies start the foreclosure process three to six months after that first missed payment. Late fees are also charged after the first 10 to 15 days of being late. It’s extremely important to stay in contact with your lender within that first month of missing a payment.
After 30 days, the loan is in default and the foreclosure process will begin to accelerate. If you ignore the bank, that process is going to begin much sooner. Communicate with us, your lender, or anyone you trust about the different alternatives or solutions we have for you.
There are three types of foreclosures that could be initiated after that time. The first is a judicial foreclosure, the second is a power-of-sale foreclosure, and the third is a strict foreclosure. Each type requires notices to be issued prior to and once properties are sold through an auction, and homeowners only have a small amount of time to move out before the eviction is issued.
If you ever find yourself in this position, it’s important to stay ahead of the issue. We can help you do that. If you have any questions for us, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.