If you're facing foreclosure, it's important to know how much time you have until it's too late. The best way to understand what happens at what time is with Expert Foreclosure's Timeline for Foreclosure.
The following foreclosure timeline will give you an idea of how much time you have until your lender can take various actions. NOTE: the timeline for foreclosure can vary from state to state so check local foreclosure laws regarding how soon a lender can foreclose on your home.
Timeline for Foreclosure
Day 1 - Payment is due
Day 30 - Payment is 30 days past due.
Result:
- Letter/Call regarding missed payment
- Late charge applied to your account
Your lender will most likely contact you via mail or phone to inform you that your payment is past due and to remit payment as soon as possible or legal action will be taken.
Day 60 - Original payment is 60 days past due and current payment is 30 days past due.
Result:
- Additional calls regarding missed payments
- Additional late charges applied to your account
At this point, you'll probably start receive phone calls inquiring about your missed payments.
Day 90 - Original payment is 90 days past due, 2nd payment is 60 days past due, and current payment is 30 days past due.
Result:
- Receive Demand Letter
- Additional late charges applied to your account
By now, you will have received several notices, phone calls, and late charges. At this time, you'll probably receive a letter stating your have 30 days to remit delinquent payments/make arrangements with the lender for payment or your account will be sent into foreclosure. The letter you receive is called a Demand Letter.
Day 120 - Original payment is 120 days past due, 2nd payment is 90 days past due, 3rd payment is 60 days past due, and current payment is 30 days past due.
Result:
- Home sent into foreclosure
- Date of sale scheduled by lender's attorney
- Notice of foreclosure sent to you
- Notice of foreclosure published in newspaper for 4 consecutive weeks.
- YOU STILL HAVE TO SAVE YOUR HOME!
At this point you are extremely behind on your payments. If time has expired as stated in your Demand Letter, you will be referred to an attorney of the lender. The attorney is the person who will coordinate and even schedule the sale of your home. Your home will be scheduled for sale approximately 6 weeks after the attorney receives notification of your foreclosure. You will be notified of the date of the sale by mail and possibly other means. This is NOT the date you need to move out by. The attorney will also publish notice of your foreclosure for 4 consecutive weeks in the local legal newspaper. At this point you still have time to talk to your lender and figure out a resolution.
Day of Sale
Result:
- If you have made no attempt to resolve payment issues, your home will be sold and placed into the Redemption Period
At this point your home will be sold to the highest bidder. However, you STILL have time to save your home. After your home is foreclosed and sold, it is placed in Redemption Period. The Redemption Period is any time between 30 days and 1 year in which you can reclaim your home by paying the amount you owe plus interest and fees (all related fees). Redemption Periods vary from state to state and even lenders. Check local foreclosure laws for clarification.
End of Redemption Period
Result:
- If you have not paid the amount you owe plus fees, your home will be handed over to the highest bidder and you will be evicted.
This is basically the end of the road. If you let your payments slip for this long, you will lose your home, you will be evicted, and a foreclosure will be placed on your record.