An outline of the foreclosure process
Wondering what exactly happens when a
home goes into foreclosure?
The first thing that happens is a homeowner will miss a payment of their
mortgage. This will cause the loan to go into default, at which point the
lender may decide to begin the foreclosure process. The lender can
begin the process at any given time. When the lender decides to go
forward with the process, they (or an attorney on their behalf) will file a
foreclosure notice, called a “Notice of Election and Demand”. This legal
note is filed with the county public trustee.
After this takes place, the public trustee will notify you of the
foreclosure. They must also tell you the proposed sale date and explain
your right to cure the default. This simply means that your right to cure
the default is your right to halt the foreclosure process by paying the
amount you are behind. You are also obligated to pay any costs
associated with the foreclosure, which are commonly attorney and
various fees. If you decide to get current on your mortgage you must file
a Notice of intent to cure with the public trustee. This must be filed at
least 7 days before the sale of the property and the amount due must be
paid to later than noon prior to the sale date.
The foreclosure sale is held anywhere from 45 to 60 days
from the initial filing of the notice of election demand or foreclosure
notice. Upon completion of the sale, the homeowner looses the right to
cure the default. However they can still redeem the property after the
sale is completed. This right to redeem can last up to 75 days after the
sale. If you choose to redeem the property after the sale you must pay
the amount bid at the sale and other costs. Please note that some loans
are different from othe
The first thing that happens is a homeowner will miss a payment of their
mortgage. This will cause the loan to go into default, at which point the
lender may decide to begin the foreclosure process. The lender can
begin the process at any given time. When the lender decides to go
forward with the process, they (or an attorney on their behalf) will file a
foreclosure notice, called a “Notice of Election and Demand”. This legal
note is filed with the county public trustee.
After this takes place, the public trustee will notify you of the
foreclosure. They must also tell you the proposed sale date and explain
your right to cure the default. This simply means that your right to cure
the default is your right to halt the foreclosure process by paying the
amount you are behind. You are also obligated to pay any costs
associated with the foreclosure, which are commonly attorney and
various fees. If you decide to get current on your mortgage you must file
a Notice of intent to cure with the public trustee. This must be filed at
least 7 days before the sale of the property and the amount due must be
paid to later than noon prior to the sale date.
The foreclosure sale is held anywhere from 45 to 60 days
from the initial filing of the notice of election demand or foreclosure
notice. Upon completion of the sale, the homeowner looses the right to
cure the default. However they can still redeem the property after the
sale is completed. This right to redeem can last up to 75 days after the
sale. If you choose to redeem the property after the sale you must pay
the amount bid at the sale and other costs. Please note that some loans
are different from othe