Foreclosure: When Will The Bank Take My House? 954 247 1353 Pompano Beach FL Coral Springs FL

You've fallen behind on your mortgage payments and you just don't know if you'll be able to get caught up. So now, along with all of life's other pressures, you have a frightening question hanging over your head: How will I know when the bank is ready to foreclose on my house? The good news is, foreclosure is not a quick process. There are several steps that lenders go through before ultimately moving to foreclose on your home. We'll take a look at each of these steps here, in the order that they most typically occur. If you have experienced any of the following events or received any of the letters mentioned below you, should seriously consider contacting a qualified foreclosure attorney immediately. First, Come the Phone Calls Before a bank moves to foreclose they will generally give you plenty of notice. Most often the bank will call you several times to either try to get you to pay what is owed or convince you to apply for a loan modification. 30 Day Notice to Cure After numerous phone calls without resolution, the lender will make the determination that it is best to proceed with a foreclosure. At this point the lender will mail you a "30 day notice to cure." This document will advise you that you need to bring the note current within 30 days of the date of the letter. The letter will provide you with the balance that is owed and how to make the payment. Next is the Acceleration Letter If your home loan is not brought current within the 30 days the bank will typically send the matter to an attorney for further proceedings. The attorney will mail you what is called an "acceleration letter," also known as a "14 day acceleration letter." The purpose of this letter is to advise you that the balance on your loan has been accelerated and the entire loan balance must be paid within 14 days. If the matter is not resolved within the 14-day period set out in the acceleration letter, the attorney representing the lender will prepare a foreclosure petition and file it at your county's courthouse. The foreclosure petition that is filed must be served on you personally or in accordance with state laws. The foreclosure petition is normally a multipage document with a copy of your note and mortgage attached. If you haven't sought legal advice by the time you receive the foreclosure petition, you should do so immediately. You only have 20 days to respond to the foreclosure petition. If you do not respond to the foreclosure petition in a timely fashion, the attorney for the lender will ask the court to enter a default judgment. Finally, Judgment Once a judgment is entered against you, a sale date will be scheduled and your home will be sold. Many people want to better understand how long does foreclosure take. The answer to that varies widely, but one thing that is certain is that you can buy yourself the greatest amount of time by working with a qualified real estate investor experienced in handling foreclosure cases. Written by Sam Marks. I buy cash usually close in 7 to 15 days. Sell your Foreclosure house to me 954 247 1353 or click here!