This is a very common question for those nearing foreclosure. You've ended up in a financial mess but still want to save your home. If you really want to beat foreclosure and save your home, browse through the following breakdown of the foreclosure process and timeline. It will give you a better idea of what happens when and how long you have to save your home from foreclosure.
NOTE: each state has its own process and timelines when it comes to foreclosure so be sure to check for local foreclosure laws for details.
Day 1 - Your payment is due
Day 30 - Your payment is 30 days delinquent.
If your mortgage payment is 30 days behind, you'll probably receive a letter or maybe even a phone call stating your payment is late. This is often where the trouble begins. If you don't take action fast, before you know it, you're snowballing down to foreclosure and screaming "Save my home!"
Day 60 - Your payment is 60 days delinquent
Basically your mortgage payment is now 60 months behind. You'd undoubtedly you'll receive more letters and more calls. This is where things start to get serious and the lender starts thinking foreclosure.
Day 90 - Your payment is 90 days delinquent
At this point you will receive what is called a demand letter. This is a letter that states you have 30 days to remit your behind payments or make special arrangements with the lender. In other words, foreclosure is knocking at your door.
Day 120 - Your payment is 120 days delinquent
If you haven't remitted your payment or made arrangements with the lender, the official foreclosure process will commence. You will be contacted and referred to an attorney of the lender. The attorney is the person who will coordinate and even schedule the sale of your home. There's no joking around at this point. The foreclosure lawyer will schedule a day for the sale of your home (typically 6 weeks) You will be notified of the date of the sale by mail. However you can still make financial amends with your lender. Act now before your home is sold.
Day of Scheduled Sale of Your Home
If you haven't done a thing at this point, your home will be sold on the day it was scheduled. However, believe it or not you STILL have time to save your home. After the sale of your home it's placed in what is called a Redemption Period. This 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). However not all states offer Redemption Periods so check local foreclosure laws for clarification.
End of Redemption Period
If your home is sold and the Redemption Period ends and you're still sitting in your home, you're evicted and you officially lose your home. The answer to "Can I still save my home" is NO! This is the end of the line. Don't let it get this far. Foreclosure is the worst case scenario. Discover ways you can save your home and avoid foreclosure.