subject: Foreclosure: What To Expect [print this page] Foreclosure: What To Expect Foreclosure: What To Expect
If you cannot make your payments for a few months, you will at first receive letters in the mail letting you know that payments have not been being received and you are therefore behind on your payments. This may go on your credit, so your credit could be damaged as well, even without you realizing it! If you do not make up your skipped payments, you will then receive a notice to accelerate.
A notice to accelerate is a notice demanding that you pay the extra amount to cover for the skipped payments so you will be caught up on your payments. You generally receive this notice after a couple of months from not paying. If you do not get caught up on your payments by the date listed in the notice, the foreclosure process will continue. You will also be expected to have late fees paid as well. If you still fail to pay the extra money that was unpaid previously, you will receive a demand letter.
A demand letter states that if you do not pay immediately what is owed to them so that you are current on your payments, an attorney will be hired and the court system will be involved with the continuation of the foreclosure process. If you cannot pay the full amount though, but they can see that you are trying and that maybe eventually you will be caught up, it would never hurt to talk to the mortgage company to try and work out a deal. If you sit and do nothing, however, you are sure to get a notice of default next.
A notice of default states the total amount that you owe to be current with you payments, and if you do not pay the amount, the foreclosure process will proceed to the final step. You will have about a month to comply with this notice. If you do nothing still, you are sure to get a notice of sale.
A notice of sale states when your house will be sold. You will be forced to move out by then. By the time you get a notice of sale, it may be too late for you to do anything. So, if you want to keep your home, don't let it get to the final step. If you do not want your credit damaged, avoid getting to the first step. If you have problems paying, it is always wise to try and work it out with the mortgage company to keep your home, and to protect your credit.
