The foreclosure process varies from one state to the next, but here is the general scenario:
Once you become 3-4 payments behind,
your lender will generally have a trustee file a notice of default with
your county court. This is the official start of the foreclosure
process. The court will allow you a time period pay off the arrears on
your mortgage and bring it back up to date, but if you can not do this,
usually 3-6 months later, the home will be sold at public auction.
In many cases, once the home is sold, it is gone for good; however,
some states offer a redemption period after this sale. This is a period
of 6-12 months where the previous homeowner has the right to redeem the
property.
If your property has been sold at auction and is out of the redemption
period, the chances of getting it back are very slim. There are legal
actions that can be taken to reverse the sale and it is even possible
to buy the home back after the sale, but these options can be very time
consuming and costly.
The odds of keeping your home are much,
much better if you act quickly and take action before the sale, or even
before the notice of default.
Once you are in foreclosure, there are
many paths you can take to stop the process. So to continue this
process and find out the best options for your exact situation, please
complete the form on the left.