mortagesandforeclosures

by Tim Beachum

The foreclosure process is unique in each of the 50 states. If you find yourself in a critical situation and you feel that you may not be able to make your payments - it is recommended that you take a look at the foreclosure laws in your state.

Each states foreclosure laws differ in a variety of ways such as lender notices, scheduling, buyback periods, and bank notices issued regarding the auctioning of the property. Do to the complexities of the foreclosure timeline this article is only meant to give you a basic understanding of the process.

When you first miss a payment, the lender will contact you by phone, and or mail and a late charge will be added on to your payment. In most cases a late payment isn't tacked on until after the 15th day. The majority of lenders will work with you if you give them a call letting them know your current situation before the payment is late.

Once you have missed two consecutive payments the mortgage company will begin the harassment tactics. By that I mean the phone calls - they will begin calling in an effort to find out why a payment hasn't been made. Most of us make the mistake of avoiding the calls. The right thing to do is open the lines of communications with the lender.

You are willing to open the lines of communication but are not sure what to do... That's one of the most common questions that I have been asked. Your goal besides the obvious (keep then from starting the foreclosure proceedings) is to keep the mortgage company from putting a 30 day late payment on your credit report. If they do report the late payment your chances of any future negotiations will be slim.

Ok maybe you didn't find this article until it was to late. Your property is going up on the auction block tomorrow. Believe it or not your still in the game and you still have an outside chance of recovering your home (remember I said an outside chance). You can reclaim your property by paying the full outstanding mortgage balance and all costs incurred during the foreclosure process. This is the only way that you will stand a chance at getting your home back. Another thing that you will want to keep in mind is that the availability of this process is determined by whether the foreclosure is judicial or non-judicial and procedures can vary from state to state.

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