I CAN'T PAY MY MORTGAGE! WHAT WILL HAPPEN NEXT? HOW LONG DO I HAVE?

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What Is The Average Timetable For Foreclosure and Eviction?

Once you have stopped making mortgage payments, it is important to understand how long you can live in the home before eviction. However, there is no direct answer to this question, as the timetable between the start of foreclosure and eviction depends upon the state in which you live and your mortgage company’s foreclosure procedures.

Nonetheless, a foreclosure generally takes a great deal of time, usually up to a year, before all legal efforts have been exhausted to collect on the mortgage and you are evicted after you home is sold at auction.

The Start of the Foreclosure Process

Typical foreclosure procedures begin when you fail to meet your “grace period,” which is the time lenders give to allow for mail delivery before you are charged a late fee. Usually the grace period is five to 10 days.

For instance, if you have a mortgage payment due the 1st of the month with a five day grace period, they will send you a late fee notice if your payment has not been received by the end of business day on the 6th. The late fee notice will also usually inform you that you have a certain time, typically 30 days or so, until you must pay your usual mortgage payment plus late fee. If they do not receive payment by this time, the lender will begin foreclosure proceedings.

From the Late Fee to the Notice of Default

If you fail to meet the late fee notice and do not return the mortgage company’s efforts to contact you, attorneys will get involved at this stage and send you a Notice of Default (NOD). This is an official document sent to you via registered mail. It will also be filed with the county recorder’s office in your home’s county of residence. The NOD gives notice to you and the public that the mortgage company intends to proceed with evicting you and repossessing the home.

At the NOD stage, this is where there is great disparity from state to state in the redemption period, which is the amount of time you have to become current with the mortgage company before the sale of your house at auction. Some states have very short redemption terms like 27 days in Texas, while other states allocate up to one year for the process.

The Time Allocated Before Auction

Whether your state is a Mortgage or Deed of Trust state depends on how long you have until public auction. Most states have a Deed of Trust form for home ownership transfer. That means that a trustee, usually a title insurance company or an attorney, acts as the third neutral party that proceeds with the home foreclosure sale. Other states that use mortgage instruments must go through a judicial process through the civil courts. A judge must determine that the mortgage company has a legal right to repossess the home and sell at foreclosure, which can take more time than a trustee process.

Ultimately, you can depend on most mortgage companies having strict foreclosure procedures that act in their best timely interest. If you reside in one of the few states with laws enforcing quick foreclosure and redemption times, you could be escorted out of your home within two to three months. However, in a typical case of foreclosure procedure, the time takes about 6 to 12 months to complete the full legal notices, public sale, and sheriff’s eviction.

This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.

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