Do You Need Help To Get Out Of Foreclosure Now?
We are the real estate service company helping and protecting families from foreclosure.
Our mission is to help homeowners facing foreclosure understand their rights and options.
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Losing your house through foreclosure can be devastating, both financially and emotionally. While it may seem hopeless when you’ve fallen behind on payments, there are ways to stop foreclosure, no matter what stage of the process you are in.
Foreclosure happens when a homeowner fails to make payments on their mortgage. It can be a long and complex process that spans months or even years. Here’s what you need to know.
What is foreclosure?
Foreclosure is a legal process by which a homeowner forfeits their rights to their property, based on their inability to make monthly mortgage payments (typically when a borrower is more than 120 days delinquent). When a homeowner stops making their agreed-upon monthly mortgage payments, the foreclosure process allows lenders to recover the amount they’re owed by taking ownership of, and selling the mortgaged property.
The actual act of a lender seizing the property during foreclosure only happens after the lender has performed loss mitigation efforts with the borrower, such as analyzing short term repayment plans, loan modifications, forbearance, short sale or refinance alternatives to foreclosure.
Unlike credit card debt, which is an unsecured loan, a mortgage is a real estate secured loan that uses your home as the collateral. That’s what allows your lender to start foreclosure proceedings if you miss multiple payments.
How long does a foreclosure take?
According to 2021 industry data, the foreclosure process takes an average of 922 days, from start to finish. This foreclosure process begins when a borrower fails to make timely mortgage payments (typically between 3-6 months) and is notified of the default in writing. This is also referred to as pre-foreclosure. Then, the official foreclosure proceedings can occur months later, generally there must be at least four consecutive payments missed.
During the process of foreclosure, if a borrower successfully pays off the deficiency before auction, the foreclosure ends and the eviction and sale are canceled. If the homeowner doesn’t pay off the default balance or make other arrangements in time, the lender will attempt to sell the foreclosed house at auction. If the lender does not sell the house at auction, it becomes a bank-owned property or a real estate owned property, commonly called REO.
What to do if you cannot pay your mortgage
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