The Basics Of The Foreclosure Process

: Chris Lee Law Firm

  Filed under: Foreclosure

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If you are suffering a financial hardship and are wondering about the risk of foreclosure, there are a few important aspects to know. From knowing how it works, to finding help, getting to know the basics can help you better manage your mortgage debt problems.

At A Glance

Before your home is ever entered into the foreclosure process there are a few things you should be aware of. First, your lender can initiate the foreclosure process after a single missed payment. Second, each state has different foreclosure laws, some of which could leave you without your home in as little as 30 days. States basically carry one of two types of foreclosure laws: judicial or non-judicial.

In a non-judicial foreclosure state, mortgage lenders can initiate and complete a foreclosure without court intervention. This process does require steps to be followed, including notifying you and giving you a specified period of time to resolve the debt, but can be completed within a matter of weeks. In a judicial foreclosure state, lenders must first file a complaint against you with the court and follow court procedures for initiating a foreclosure process. Generally, judicial foreclosures take several months to be completed; giving you more time to resolve your debts.

If you are concerned about missing a payment or an impending foreclosure, or have already received a foreclosure notification, time is of the essence. A foreclosure attorney can help you review your options, negotiate a solution to prevent or stop a foreclosure and even mediate your interactions with a lender. However, it is important that you take action right away to avoiding losing your home.


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