There are some critical timelines in your foreclosure procedure that you must know about if you expect to stop the foreclosure on your home
. Not understanding how quickly the process moves could mean losing your house. Not understanding how slowly the process can move could mean paying lots of fees.
The first timeline that you need to understand is when your lender will officially begin foreclosure procedures on your home. It will generally be around 90 days but since foreclosure laws vary by state, this may not be the case for your situation. If your bank has not yet started the process on your home, your best bet is to contact them now to try to stop them from starting that process. You may be able to delay this particular timeline if you work with your lender.
The next timeline date that you need to know is your sale date. This is the date that your home is scheduled to go up for auction. You generally will not get this date until you are pretty deep into the forclosure process. This date tells you how much time you have to try to come up with a solution to save your home. If you do not want to save your home or know that you will not be able to do so, this date gives you a good idea of when you need to be out of the house by. Depending on foreclosure laws and eviction guidelines in your area, you may have as little as three days to get out of the house after the sale date.
The final timeline that you need to understand in your foreclosure procedure is the right of redemption one. Not all states have one so this may or may not apply to your situation. If there is a right of redemption in your state, be sure to understand how long that period is. The right of redemption allows you to keep your house by coming up with all of the money that you owe your mortgage company.