The foreclosure process begins when you fall behind on your mortgage payments.
For many of our clients who are completing a short sale or loan modification, foreclosure notifications can be a source of uncertainty and stress. Our foreclosure resources page provides sample notifications, foreclosure process timelines as well as advice and information on how to avoid foreclosure and better understand the process.
Please understand your lender cannot foreclose without filing a “Notice of Default and Election to Sell.” A sample “Notice of Default” is included below. More than likely you will receive multiple letters from your lender, all enclosing the same material. In addition, you may get one posted to your door, as the lender wants to ensure you are properly notified. After the “Notice of Default” is filed, your lender cannot continue the foreclosure process for at least 90 days and then they must give you at least twenty-one (21) days notice before they can sell your property at a foreclosure sale.
Accordingly, your lender cannot foreclose on your property for a minimum of one hundred and eleven (111) days after filing the “Notice of Default.” Understand that your lender does not want the property, which is one of the reasons we have such a high rate of success. Please be patient and don’t panic, but continue to forward any documents you receive from your lender.