Join Free! | Login    
   Popular! Books, Stories, Articles, Poetry
Where Authors and Readers come together!


Featured Authors:  David Hearne, iMaria Daddino, iJim Stewart, iElizabeth Weeks-Rowe, iShirley Woods, iD. Wayne Dworsky, iBino Pires, i

  Home > Business/Investing > Articles Popular: Books, Stories, Articles, Poetry     

Dustin D Rohde

· + Follow Me
· Contact Me
· Articles
· 13 Titles
· 1 Reviews
· Save to My Library
· Share with Friends!
Member Since: Jun, 2009

Dustin D Rohde, click here to update your pages on AuthorsDen.

Featured Book
Choices Meant for Kings
by Sandy Lender

This girl power fantasy novel whisks readers away on Chariss's continuing adventure. Dragons, monsters, sorcery, and magic...with a sweet romance under it all...  
BookAds by Silver
Gold and Platinum Members

The 4 Stages of Foreclosure.
by Dustin D Rohde   
Rated "G" by the Author.
Last edited: Wednesday, July 29, 2009
Posted: Wednesday, July 29, 2009

  Print   Save    Follow    Share 

Recent articles by
Dustin D Rohde

The Early Stages of Foreclosure: Loan Modification Can Help
How Home Loan Modification Can Help Stop Foreclosure
Obama’s Home Loan Modification Plan: An Explanation and A Small Critique
President Obama’s Plan Needs Modification Itself
Faster Loan Modifications Needed
Short Selling Vs. Foreclosure
Why Foreclosure Should Be Your Last Resort
           >> View all

What happens in a Foreclosure? There are four steps throughout the process of foreclosure which are the notice of default, the acceleration, the notice of sale, and the auction.

What happens in a Foreclosure?

There are four steps throughout the process of foreclosure which are the notice of default, the acceleration, the notice of sale, and the auction.

Depending on the bank, the foreclosure process can start right after your first missed payment. The bank will most likely take into account how long you have had your mortgage and what your payment history is.  Usually the process will take 6 to 9 months, depending on the amount of foreclosures your bank is dealing with plus how many are happening in your area.

Notice of Default- This is the best time to stop the foreclosure. Contact your bank and let them know you want to avoid foreclosure. They may be able to grant forbearance, which is where they let you go a set amount of time without payments.  This is also where you would consider loan modification.  Depending on the bank, they may wait until you are three months behind on payments before sending out a notice of default and starting the foreclosure process.

Notice of Acceleration- In the next step, the bank will send out a notice of acceleration. The notice of acceleration will usually arrive a few weeks to a month after you received the notice of default.  The time between the notice of default and the notice of acceleration is given to the borrower so you can contact the bank and work with them to avoid foreclosure.  Upon receiving the notice of acceleration, you may still have a chance to save your home but you will need to have all of the payments and fees to deliver to the bank.  Even if you do this, the bank will most likely want to review your financial situation.

Notice of sale is, quite simply, the date the bank intends to sell your house at public auction at the county courthouse.  There is only one method of selling foreclosed homes, on the steps in front of the county courthouse. The notice of sale will have the date and time of the auction.  At this point the only way to stop the foreclosure is to file bankruptcy to postpone it, or find a person to buy your house for you.

Auction- Once your house goes up for auction, the only way you are keeping it is if you can find someone to buy it for you, or buy it yourself.

SO…The lesson learned here is that should you unfortunately fall behind on your mortgage payments, you can still keep your home, if you act with decisiveness.

For more information, please visit Legal Loan Bailout

Web Site: Loan Modification 24-7

Reader Reviews for "The 4 Stages of Foreclosure."

Want to review or comment on this article?
Click here to login!

Need a FREE Reader Membership?
Click here for your Membership!

Reviewed by - - - - - TRASK 7/29/2009
You Forgot Stage = HOMELESS...

I lost My Home Via Fraudulent Foreclosure,i.e. Not Much Difference In 1987 vs 2009...

Popular Business/Investing Articles
  1. Kim Kardashian & Elvis Presley's Twitter P
  2. The Ultimate Book for Freelancers
  3. 'Limitless' Will Empower You
  4. Frank Sinatra & John Wayne Refused Dirty H
  5. Schwarzenegger Used a James Bond Lifestyle
  6. Sean Connery Tells His Reason for Success
  7. Schwarzenegger Pays for Cameron's Terminat
  8. Boris Karloff's Work Ethic
  9. Best Books for Shark-Tankers
  10. The Power of QuickBooks

FREE DOWNLOAD Cyclopedia of Economics by Sam Vaknin

Cyclopedia of issues in economics analyzed through the prism of the economies of countries in transition, emerging markets, and developing countries. ..  
BookAds by Silver, Gold and Platinum Members

Purpose-Centered Public Speaking by Gary Rodriguez

How to Develop and Deliver Purposeful Talks, Speeches, and Presentations with Less Fear and More Confidence..  
BookAds by Silver, Gold and Platinum Members

Authors alphabetically: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Featured Authors | New to AuthorsDen? | Add AuthorsDen to your Site
Share AD with your friends | Need Help? | About us

Problem with this page?   Report it to AuthorsDen
© AuthorsDen, Inc. All rights reserved.