Foreclosure timeline
In any stage of foreclosure? You're in the "Wright" place. Below is a timeline for a typical foreclosure. This timeline can play out in less than 180 days, so you should act immediately.
First 30-90 days - missed mortgage payments.
30 days later - Mortgage company sends a notice of default to the owner and demands payments in full. Legal proceedings begin when the mortgage company files their complaint. Owner has 28 days from receipt of the complaint to file an answer with the court.
Within 3 to 5 days after the 28 days has lapsed- If you fail to file an answer, the mortgage company's attorney will file a motion for a default judgement against you. The court can render a default judgement decision. The mortgage attorney will then file a motion for a judgement decree in foreclosure. The court can render a judgement decree in foreclosure. Then the attorney will file a praecipe for order of sale with the clerk of courts.
Within 3 days later - The clerk will deliver the praecipe to the Sheriff's office.
Within the next 90 days - An appraisal will be ordered and completed, a sale date will be set and the public auction sale will be advertised in The Daily Reporter.
Date of sale - Your home will be sold at public auction for no less than 2/3 of the appraised value. If your home does not sell, it will be reappraised and another auction will be scheduled. If it is not sold at the second auction, the court will set a price and terms, and a third auction is scheduled. Most homes are sold at the first or second auction. In rare cases, the third auction does not yield a sale and the homeowner retains the property.
Within 30-60 days after sale - Confirmation of sale. A Sheriff's deed is issued 14 days after confirmation of sale. The new owner will then file a writ of possession. The Sheriff will give you 10-14 days to move out of your home. Failure to move out within that timeframe will result in the Sheriff's office setting your possessions out at the curb and changing the locks.
Remember, this is merely a general overview of the foreclosure process and the time it takes from missed payments to homelessness can be significantly less depending on your lender. It is imperative that you DO NOT WAIT!!! The process is extremely time sensitive, and can move rather swiftly.
This is how we can help you. We have the ability to negotiate with the bank on your behalf to sell the property for less than the mortgage balance. This is less damaging to your credit than an actual foreclosure. The bank pays all fees, so there is NO COST to you. We understand that this is a stressful time for you and your family, but we can help. Call or email us right away. Don't be a foreclosure victim!
Click here for a glossary of foreclosure terms.
WE ARE NOT ATTORNEYS, AND ARE NOT REPRESENTING OURSELVES AS LEGAL COUNSEL.
