How much time do you have? Not enough to just sit there.
The Foreclosure Timeline is Shorter Than You Think.
When you are hard hit financially, you worry about the future. Maybe you’ve been downsized, experienced health problems and have doctor bills, or gone through a rough divorce. Whatever your situation, it’s important to know you have options, but the options you have dwindle the longer you wait. Time is money – and you don’t have much of it to protect your family and home from the predatory nature of most lending institutions.
To Your Bank, You Are Nothing but a Number
To better illustrate how the foreclosure process works, we’ve created the list below as a general guideline. Please note – each situation is different and there is no guarantee of a certain amount of time or outcome before your bank moves to foreclose. Remember this – to your bank, you are nothing but a profit or loss – a number. Banks are in business to make money and nothing else. Banks do not care about the circumstances that created the financial hardships you now face – but we at SRES do.
Stages of Foreclosure
- Missed mortgage payment. This is easily remedied by paying your mortgage with late fees tacked on, but also makes it harder to afford. The clock, however, begins ticking.
- Demand for Payment Letter. Your bank sends this letter about 30 – 45 days after your first missed mortgage payment. Late fees and other costs begin to snowball.
- Foreclosure Complaint Filed. This complaint is typically filed with the court after 3 consecutive missed payments. You have 28 days to respond, and it’s imperative you do so.
- Additional Time or Summary Judgment. You can receive additional time to work out a solution with your lender by answering the foreclosure complaint promptly. However, if you fail to answer, your bank will proceed in pursuing a summary judgment, which then leads to a sheriff’s sale date being set.
- Date of Sheriff’s Sale. Your family’s home is auctioned.
- Period for Home Redemption. If you weren’t able to afford the monthly mortgage payments, it’s doubtful you can purchase your home back from the bank. There is no guarantee of how long this time will be – and you are still responsible for all court costs, attorney’s fees, and penalties. These extra fees can be tens of thousands of dollars alone.
- Execution of Writ Delivered. The sheriff orders you out of your home by legal notice. The amount of time to vacate is not standard and will vary county to county.
As you can clearly see, the foreclosure timeline is your enemy. You must act quickly to ensure your family can stay in your home for as long as possible, and fight the billion dollar machine (your bank) working against you.
The information we provide you here is not in any way a substitute for meeting in person to evaluate your unique situation. Help is just a phone call away – 513-400-4941.