Foreclosure Timeline

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What Is a Foreclosure?

A foreclosure is the seizure and subsequent forced sale of a home by a mortgage lender when the homeowner has failed to make timely mortgage payments.

Most homeowners do not have thousands of dollars in their bank accounts to purchase homes in cash. Instead, they typically rely on banks to finance a large portion of the purchase price of the home. When a bank finances some of the purchase, the owner and the bank enter into a mortgage contract. The term "mortgage" is the formal title for a home loan. Each month, the owner will be required to make mortgage payments toward the remaining loan balance plus interest. Interest rates vary depending on income and credit score.

Due to a variety of uncontrollable factors, many homeowners find themselves struggling to pay their bills each month. When a homeowner has missed a certain number of mortgage payments in a row, the bank then begins the foreclosure process. When the foreclosure has finalized, the bank seizes the home, even if the homeowner still had some equity in the home.

Foreclosure Timeline

Do I Need a Lawyer If I Am Facing Foreclosure?

Foreclosure is an incredibly stressful, traumatic, and trying process, but it can be prevented with the assistance of a foreclosure attorney. An attorney can counsel you on how to negotiate a new payment plan or stave off foreclosure.

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Last Modified: 09-01-2015 10:15 AM PDT

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