What is the timeline of the foreclosure process?
The timelines can vary from lender to lender and from month to month. But there is a basic guideline. Most lenders will follow this to the day. There are ways that you can sometimes get the timeline extended. But, you can’t always count on it. • 3 months … Default Period: Typically this is 3 months behind in your payments. Your note will have an explanation of the guidelines for your loan. • 30 days … Notice of Default Period: Sometimes called an Acceleration Period. This is a 30 day notice to either come current on the delinquent balance or agree to a Forbearance Agreement in which case the lender will postpone the foreclosure process. • 90 days … Foreclosure Period: At the end of the 30 days, the homeowner will receive the foreclosure Notice. The homeowner now has 90 days to get the house SOLD or come current with the lender(s). • 17 days … Auction: This is a public sale of the home which occurs 17 days after the last day of the foreclosure period. The minimum bid will be the amount