Save Your Home, 1st Step is to Understand the
Critical Foreclosure Timeline
Foreclosure is usually considered the action of last resort for any lender faced with a delinquent loan. Foreclosures are costly to all parties involved, including the lender. A foreclosure action is filed after a borrower has missed a certain number of mortgage payments. The number of payments missed prior to a lender filing varies from lender to lender, however three to four missed payments could be considered the norm.
Preparation of the Complaint and LP
The lender considers filing a foreclosure action and forwards the file to the attorney for their review. The attorney will run a title search in order to determine who the additional defendants in the action might be. Any entity with a legal interest in the subject property should be named in the foreclosure action as well as served with a copy of the complaint. All parties that are named and served will have the opportunity to be heard by the court. Read on to understand how to save your home and how the Foreclosure Process timeline works.