When you have missed a house payment, the lender will start calling and sending letters to contact you. If you can't catch up the house payment over the next couple months, the lender will send you a Notice of Default and file it at the county where the property is located. Then foreclosure proceedings will start. They will post the property three times and publish the foreclosure in the paper where the property is located. There will be a sale date, time and place on the paperwork. On that date the sale will occur if the amounts due and all late fees, and attorney, foreclosure fees are not paid in full. It is after the sale that the new buyer may show up to the home with the sheriff,if it is occupied, and you will have to move.
Before this happens there are some important things you should do to avoid this uncomfortable situation. Call a Realtor and get a free valuation on your home. Find out what your home is worth and if it is worth less than market ask your Realtor if they have experience doing a short sale. This is when the bank agrees to take less than the loan for your home. Put the home up for sale and get it sold. You can still sell it when its in foreclosure but the Realtor will still have to get the short sale approved and keep in contact with the bank for you. Make sure the realtor gets regular price reductions approved so it will get sold. Doing a short sale or if your able to get it sold for market is alot easier for you and the family to deal with than letting the bank control the timing and waiting for the sheriff to show up after auction. If you are unable to catch up the payments or cannot afford the payments then getting help from a Realtor is the best route to go. Foreclosure is not the end of the world. Consult a Realtor today that has experience in foreclosures and short sales.
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