We will ask you 7 simple questions. Based on your situation, select either ‘Yes’ or ‘No’ to proceed through the Questionnaire. Once you get to the end, you will be presented with a brief description of your current stage in the Foreclosure process. and what you can expect next.
Prepaying your mortgage is a great way to save thousands of dollars, quickly build equity and substantially shorten your loan term. This is just one great idea on how you can stay ahead with you mortage payments.
This can happen for any number of reasons, but the end result is still the same: your financial situation is such that you have not been able to keep current on your Mortgage.
The bank will begin contacting you to find out when you will make your missed payments but typically if you fall 30 or more days behind you will likely receive the 90-day notice. You can find a more explained definition on the Foreclosure Timeline on the 90-day notice.
Sample 90-Day Foreclosure NoticeDescription: You will receive a “Demand Letter” typically 45 to 60 days behind on payments. With many large banks, the Demand Letter is automatically generated when you fall behind by a certain amount of time on payments. Check the Foreclosure Timeline, stage 3 for an explained definition.
Sample Demand LetterDescription: Summons and Complaint is what tells you that a lawsuit has been started. The Complaint will tell you and the Court the reasons the Bank is suing you, for the missing mortage payments. Check the Foreclosure Timeline, stage 4 for an explained definition.
Sample SummonsDescription: Once you receive the Summons and Complaint you can file an “Answer” or a “Notice of Appearance”. The Foreclosure timeline, stage 5 explaines this step in great detail.