A foreclosure attorney becomes a common service among modern society. Those who face potential foreclosure should look for this help immediately. When people fall behind their mortgage payments, they are expecting many lenders to react as fast as possible. There’s a general timeline that they need to know once they receive the notification.
The Timeline of Foreclosure
Day 1-15 : This is the timeline when a payment of mortgage is missed.
Day 16-30 : A late charge is calculated on payment. The lender will send a notification to borrowers. If not, they attempt to make contact with their customers.
Day 30-60 + : If their mortgage is for a home they live in, the loan servicer or lender should send them a pre-foreclosure notice. This should be done at least 3 months before executing foreclosure. This time of period gives the chance for the borrowers to find an alternative to foreclosure. They can work with their lender, actually. The notice includes how much money they should pay. Not to mention it should include telephone numbers and names of several counseling agencies.
Day 45-60 : The lender sends a breach or demand letter focusing the mortgage terms that have been violated. Borrowers have 30 days to make a payment and the late fee.
Day 90+ : Loan services will start the legitimate act for such foreclosure. This includes hiring an attorney, referring the loan, and recording a notification of foreclosure. Usually, the entire proceedings may take 7 months. It can be more than that. During this time of period, people can find methods on how to stop foreclosure sale.
Once a complaint and summon has been made on both parties, the court will determine the time when they will hold a settlement. This usually takes no more than 2 months. It’s the best chance for borrowers to talk directly to their representation. The purpose is to reach a case resolution. Not to mention they must try to meet with an attorney or counselor before the conference. They must bring evidence or proof such as the most current tax return or pay stubs to the conference. They also need to respond to the complaint and summons. By doing so, the court may rule on whether or not a foreclosure can occur depending on the given evidence.
When it comes to the sale, it occurs 4 months after the ruling of the court. There will be a sale of notification published in the newspaper. It will be done once per week before the sale. In New York, this may take 15 months from the first day of missed payment. It will be done at a county courthouse. The sales are available at public auction, actually. The property is sold to the best bidder. It can be anyone including the lender. Once the payment is made, the winner will be the new owner of the property. After this process take place your house is long gone and hiring a foreclosure lawyer cannot undo anything.
It’s so unfortunate that people can’t redeem their house once a sale is done. That means they lose their house. In order to prevent this from happening, homeowner will need to hire a foreclosure attorney once they received a sale date.
Consumer Action Law Group is a law firm located in California that help client to stop foreclosure. Their teams have the capacity to stop foreclosure within 1 hour. They have different approaches to help clients protecting their property from bank repossession. They are very good atstopping foreclosure.