The Risk of Foreclosure....

Today, OCCOASTPROPERTIES takes on the subject of foreclosure. What does it all mean? What happens during the process and what can you do about it?

Few people think they will lose their home, they think they have more time.

During these difficult economic times many families are experiencing such severe financial hardship that they will no longer be able to sustain their own home mortgage. Some are faced with losing their opportunity to create "passive income" by expanding during the peak times of the market which has resulted in "negative income". Whatever the case may be, we have briefly outlined the general foreclosure process.

Here's how it happens. Note: Timeline varies by state.

• First month missed payment – your lender will contact you by letter or phone.

• Second month missed payment – your lender is likely to begin calling you to discuss why

you have not made your payments. It is important that you take their phone calls. Talk

to your lender and explain your situation and what you are trying to do to resolve it. At

this time, you still may be able to make one payment to prevent yourself from falling

three months behind.

• Third month missed payment – after the third payment is missed, you will receive a letter

from you lender stating the amount you are delinquent, and that you have 30 days to

bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate".

If you do not pay the specified amount or make some type of arrangements by the given

date, the lender may begin foreclosure proceedings. They are unlikely to accept less than

the total due without arrangements being made if you receive this letter. You still have

time to work something out with your lender.

• Fourth month missed payment – now you are nearing the end of time ends, if you have

not paid the full amount or worked our arrangements you will be referred to your lender's

attorneys. You will incur all attorney fees as part of your delinquency.

• Sheriff's or Public Trustee's Sale – the attorney will schedule a Sale. This is the actual

day of foreclosure. You may be notified of the date by mail, a notice is taped to your

door, and the sale may be advertised in a local paper. The time between the Demand or

Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as

quick as 2-3 months. This is not the move-out date, but the end is near. You have until the

date of sale to make arrangements with your lender, or pay the total amount owed,

including attorney fees.

• Redemption Period – after the sale date, you may enter a redemption period. You will be

notified of your time frame on the same notice that your state uses for your Sheriff's or

Public Trustee's Sale.

Important: Stay in contact with your lender and get assistance as early as possible. All dates are estimated, and vary according to your state and your mortgage company.

OCCOASTPROPERTIES can help! We are experienced and successful short sale specialist with vast knoweldge of the process. Call us today for your free consultation.

Visit us at www.occoastproperties.com

Referrals are our greatest compliment, check out our REFER-A-FRIEND link today!

Subscribe to our blog so you can receive notification when OCCOASTPROPERTIES answers:

WHAT'S HAPPENING IN REAL ESTATE TODAY?

OCCOASTPROPERTIES supports WALK for LUPUS! Join us today by clicking here!