Timeline For Foreclosure and What You Can Do to Extend It

The timeline for foreclosure can be explained in a few simple words; when you star getting behind in your mortgage payments, negative information goes to your credit report right after you are late for only 30 days, and stay in your credit record for seven years, after 30 more days, 60 days late are reported, then 90, and so on.

The reason I mention this is not because the timeline for foreclosure have anything to do with your credit file, but because some people think that by just start paying their mortgage payments on time, after being late for about three months, no damage have been made to the credit record which is wrong.

Of course a foreclosure in your credit file looks a lot worse than a few late mortgage payments, but nevertheless, permanent damage has already been done.

The Foreclosure Notice

If you do not make payments for two or three months, and do not even answer the phone calls from your bank, then you get a foreclosure notice in the mail in which the bank will give you 20 days, in most states, to require a hearing in court.

In these 20 days you have the right to require a hearing, which in most cases you will lose, then in about a week or two, your house will be sold at an auction and you will be given 20 days or so, to move out of the house. The timeline for foreclosure can be summarized as simple as that.

I have seen families losing their homes in four or five months, after they missed the first mortgage payment. For others families the timeline for foreclosure can be as short as three months. That does not necessary has to happen, but some homeowners just do not know better.

By the time you receive your foreclosure notice, you will be receiving dozens of letters and fliers in the mail from Lawyers, Counseling Service Companies, and Government Agencies offering help and to extend your timeline for foreclosure.

Many of the alternatives most Agencies are going to offer include the following:

• Special Forbearance
• Deed-in-lieu Of Foreclosure
• Pre-foreclosure Sale
• Partial Claim
• Mortgage Modification, among others.

The bottom line is, first; most of this people and agencies are business, so they are in for the money that somehow they are going to make out of you, and secondly, most of them use the same guidelines that the banks they are working for, meaning; if you do not meet these guidelines you will not qualify for help, anyway.

But, not everything is bad news, the truth is that if you know what to do, and how to do it, you can stay in you home for two years or more, without having to pay anybody a penny out or your pockets, and best of all you can do it even without paying mortgage payments at all.

But there are many things you will need to know in order to achieve this, but the important thing here is to keep yourself in your house now and as time goes by, do certain things to keep extending your timeline for foreclosure.





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