Home Foreclosure: Make The Most Of Your Time

Home foreclosure is a common problem and yet most of us don't really know how long it takes. It's an important issue that all homeowners spend some time worrying about. Most homeowners have no idea between the time of the missed payments and the eviction date. Since they don't know when the foreclosure process has officially started, when the auction will occur and how long they have left after a new owner buys the deed they feel that they have no options left and no control over the situation.

Fortunately there is a way to know the timeframe of the foreclosure process. Most of it will depend on the state laws. Once you miss your first payment you must immediately look for them to be able to come up wit a plan. Time lines vary from state and state. The time when the notices should be mailed, scheduling of the auction or sale, and redemption periods are determined by the state.

Mortgage lenders also usually send notification letters and start making calls after missing 3 or 4 monthly payments. Most of them usually understand that their borrowers may have suffered from a financial crisis and need more time. It will take weeks or months before the actual foreclosure is filed in court and the more time before the auction starts. But this does not mean that homeowners can procrastinate.

After the auction the new owner will send a letter. The notice will tell you how much time you are given to move out of the house. You're willingness to pay the rent will also give you more time for staying in the house. There's also a possibility that the judge will grant you a redemption period. During this period the homeowner is given the chance to pay back his or her debt. Homeowners can opt for refinancing or paying the mortgage in another way.

The foreclosure process also depends on how quick the mortgage lender pursues your case. The key here is to have open communication with the bank or the mortgage lender. If they know that the homeowner is making steps to get back on track this will give them more time. Homeowners must not ignore the mail from their lenders. Taking time to respond will tell them that you have a solution at hand.