Timeline

Step 1: Homeowner Falls Behind On Payments

If you are late with your mortgage payments, you may be contacted by your bank.

Step 2: 90-Day Pre-Foreclosure Notice

If you have recieved notification that your bank will begin foreclosure proceedings in 90 days, you can work with them to resolve the situation.

Step 3: The Demand Letter (or "Acceleration Letter")

Did you recieve this document? It typically will arrive when you are 45 to 60 days late on payments.

Step 4: The Summons and Complaint

You may have recieved a summons from the court that your mortgage lender is attempting to foreclose on your home. Here's what you need to know.

Step 5: Optional - Filing an Answer

You can respond to the summons and complaint with an Answer or Notice of Appearance. Here's how.

Step 6: The Settlement Conference

The settlement conference allows you and the bank to find alternatives to foreclosure. You can think of it as a "safety zone" - the judicial foreclosure proceedings are on hold during this time.

Step 7a: Successful Settlement Conference

If you and the bank are able to find an alternative solution, then your foreclosure proceedings will be discontinued.

Step 7b: Unsuccessful Settlement Conference

Not all settlement conference proceedings are able to resolve the differences, and the foreclosure proceeding will continue.

Step 8: Post-Judgement (if your settlement conference was unsuccessful)

What to expect if you and the bank are unable to work out a deal.