The Mortgage Foreclosure Process - How To Beat It

“Let me help you understand the mortage foreclosure process and show you little known secrets on how you can beat it..."

 By Harry Faulkner

There are many stages of the mortgage foreclosure process you might consider if you miss payments on your home.  A home loan is not something you should take lightly and it should remain priority.  The process of foreclosure can take almost an entire year to move forward.

When you miss a payment on your home the bank takes it very seriously.  A home is the biggest asset you can buy from a lender and a large amount of money for a bank.  The first missed payment will not start the process of foreclosure as it is understood some people get behind on their monthly payments every now and then.  However, once you are a couple of payments behind the bank will begin the process of foreclosure.  The amount of money you owe will increase because of the penalties and fees.  If you cannot make your payments by the deadline then you will receive an official letter by the bank to begin the foreclosure process.

You should never skip a house payment because you are behind on bills and you want to get caught up.  If you need to put certain bills off so you can get caught up, the house payment should be the last thing you put off.  The bank will not mess around with many house payments missing.

Once you are delinquent many payments the bank will begin the process of filing papers that you are foreclosing on the house. These papers will be filed with the local courthouse and are the beginning of the actual proceedings.  After these papers are filed through the courts you will have about 30 days to 3 months before your home makes it on the auction block.

Once the lender has started the process of the foreclosure on your home you do still have the opportunity to save your home.  You will have to find a way to pay off the owed balance to the lender for the missing payments and the penalties and late payment fees.  You can save your home if you want to and the bank will work with you.  The bank will give you one last chance to save your home.

The last step of foreclosure is when the bank sells your home at the auction.  The auction for a foreclosed home usually takes place at the local county courthouse on the front steps of the building.  The highest bidder will get the home and they will be required to come up with the entire amount of money of the bid within 24 hours.

The mortgage foreclosure process usually takes up to 6 or 9 months.  You can save your home from the process if you want to.  You will receive documentation and phone calls from the bank throughout the process so you know which stage of the process you are in.  The foreclosure process will not begin for a few months of missed monthly mortgage payments.  You will be evicted from the home eventually by the county sheriff’s office if you do not move out.

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