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Before the foreclosure starts. To me, this is the most important step in the foreclosure procedure because here is where you have the greatest chance to save your home. It is at this stage of the game that your mortgage company will be calling you . . . a lot. They are trying to figure out what is going on with you and why you are not making your payments. They will be persistent at this stage and will get less so the further you progress into foreclosure. This is also the point where you will be able to save your home in the cheapest possible way. As soon as attorneys and the courts get involved, additional fees start getting tacked on to your foreclosure. The attorneys get involved. This is the stage of the foreclosure procedure where your home has actually gone into foreclosure. Official paperwork will be filed with the courts and the foreclosure process on your home will begin. I first received correspondence from my mortgage company’s attorneys informing me that my bank had hired them to initiate foreclosure on my home. The next thing I got was a motion that they filed with the court called a Verified Motion for Order Authorizing Sale. That was basically the attorney’s asking the court to establish a sale date for my home. I also received a Notice of Hearing about the same time that basically asked for the same thing. At this point, the foreclosure of your home has become a matter of public record. I then received a Notice of Sale and Right to Cure and Redeem. Your foreclosure information and the sale date that the court establishes will be published in a local newspaper. At this point, the scam artists will start crawling out of the woodwork. They will offer to “help” you save your home. You would be better off using the money that they would charge you to hire an attorney or to work with your bank. The sale of your home and eviction. Unless you can find a way to stop it, the next step in the foreclosure procedure is the sale of your home. Depending on the laws for your state, you may have the opportunity to “redeem” your home after the sale date. Essentially what that means is that you have the opportunity to come up with all of the money that you owe the mortgage company. This will essentially be the entire balance of your loan. Once the sale has been completed and if you do not “redeem” your property, you will receive an eviction notice. You have an opportunity at every point in the foreclosure procedure to save your home. The longer you wait to act, the more difficult it will become to save your home. Learn more about foreclosure and ways to save your home at http://www.Stopping-Home-Foreclosure.com/ForeclosureProcedure.html
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