Free Foreclosure Information
Free foreclosure information works nationwide, though may differ slightly in various states. Let's take a look at the foreclosure timeline.
The first 15 days past due. This is known as the "grace period," and you can make your loan payment during this time without any late fees.
16-30 days past due. You will have late fees attached to your mortgage, and you may receive a phone call from your lender.
30-45 days past due. During this time your lender may frequently contact you in order to get the past two months payments. If you cannot keep up with the payments, immediately contact a U.S. Department of Housing certified housing counseling agency (www.hud.gov/offices/hsg/sfh/hcc/cfm). Their counselors are trained to provide free assistance to homeowners facing foreclosure, and will speak with your creditor on your behalf.
45-60 days past due. At this point, if you are still past due and haven't contacted the lender regarding payment, they will contact a lawyer to begin the foreclosure process. You'll probably receive a "Notice of Default" from the attorney; this notice tells you how much you owe, and when you must pay it by. If you haven't spoken with your lender yet, get on the phone ASAP.
60-90 days past due. During this time you'll receive a "Notice of Acceleration" which is the official start of foreclosure. The notice explains how much you must pay, as well as who will handle the selling of your house.
90-100 days past due. Your payments are building, and there isn't much time. You may be able to avoid foreclosure by paying off your outstanding balance, though at this point the lender may decide to continue the process. Unfortunately, at this point, the decision is up to them. If you cannot make the payments, you must contact a certified housing counseling agency and bankruptcy attorney immediately. If you declare bankruptcy, the foreclosure process stops, which hopefully provides you some room to breathe.
Your home is auctioned off. At this point, your home will be sold via a public auction. If someone purchases your home for less than what you owe the bank, you are still responsible for the difference (known as the deficiency). If you don't pay this amount, the lender will sue you. They will also send a 1099 form to IRS, which declares that amount as income you earned. This means you will also have to pay taxes on the amount owed.
After your home has been sold, a police officer or marshal will deliver the eviction notice to you personally. The eviction date is the day you must leave your home for good.
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