Walking Through the Foreclosure Process: From NOD to Eviction
The foreclosure timeline can take anywhere from 6 months to 1 year depending on the bank and the county. A few steps must take place throughout the foreclosure process. These steps include the notice of default, intent to sell, and the sale. Even after the sale, you still have a little bit of time.
If you are going through tough financial times and you have missed a mortgage payment, you still have an opportunity to get caught up on your mortgage. If you cannot get caught up on your mortgage or you cannot afford the payments any longer due to extenuating circumstances, you do have some time to save up money to get into a new home. The first step of the foreclosure timeline is the notice of default. This notice is usually sent to you after you have missed three mortgage payments. The notice of default simply states you have defaulted on your promise to make monthly payments on the mortgage.
Once you have received the notice of default, the next notification is the intent to sell. In the foreclosure timeline, you will receive this letter approximately 90 days from the notice of default. During this 90 day period, the bank will call you nonstop and ask you the same questions repeatedly. If you want to save your home, answer every call even though it might seem redundant. Don’t avoid the lender because it appears to them you don’t want to save your home. A lender never wants to own a home on their books because it looks bad to them and they are in the business of money, not real estate.
The final step of the foreclosure timeline is the sale. The sale is usually scheduled 90 days from when you receive the letter of intent to sell. The intent to sell letter will have the scheduled time of sale listed. A foreclosure sale always takes place on the front steps of a local courthouse or in some states like Oklahoma, on the front steps of the foreclosed home. An auction will take place to sell the home for the lender to recover as much of the money lent on the home as possible. The opening bid will usually be as close to the market value of the home as possible but often times much less. If your home sells in an auction then you will have to leave the home quickly.
If you are still living in your home after waiting through the entire foreclosure timeline and the house has finally sold at the auction, chances are good you will be served with a notice of vacate by the sheriff’s office. This will give you 72 hours to be out of the home or the sheriff’s office will physically remove you.