STOP FORECLOSURE-TRUSTEE SALE-EVICTION

Mortgages often have a grace period of about 15 days. The exact length of that period is determined by the lender.2 If borrowers make a monthly payment during that grace period, after the payment due date, they will not be subject to a late fee.

A mortgage goes into default when the borrower is unable to make on-time payments or cannot uphold other terms of the loan.

Mortgage lenders typically begin foreclosure three to six months after the first monthly payment that you miss.1 You will likely receive a letter or phone call from your mortgage company after your first missed payment

After the first 30 days of a missed mortgage payment, the loan is considered in default.1 You still have time to talk to your mortgage lender about potential options.

In the second phase of foreclosure, mortgage lenders will move forward with a notice of default. A notice of default is filed with a court and informs the borrower that they are in default. This notice usually includes information about the borrower and lender, as well as next steps the lender may take.6

After your third missed payment, your lender can send a demand letter that states how much you owe. At this point, you have 30 days to bring your mortgage payments up-to-date

As the foreclosure process moves forward, you will be contacted by your lender's attorneys and begin to incur fees.3

After your fourth missed payment, your lender's attorneys may move forward with a foreclosure sale. You will receive a notice of the sale in accordance with state and local laws

The amount of time between receiving the notice of trustee's sale and actual sale will depend on state laws. That period may be as quick as two to three months.3

The sale marks the official foreclosure of the property. Foreclosure may be conducted in a few different ways, depending on state law.

In a judicial foreclosure, the mortgage lender must file a suit in court. If the borrower cannot make their mortgage payments within 30 days, the property will be put up for auction by the local sheriff's office or court

When a mortgage company successfully completes the foreclosure process, the occupants of the home are subject to eviction.

The length of time between the sale of a home and the move out date for the former homeowners varies depending on state law. In some states, you may have just a few days to move out. In others, the timeline for moving out after foreclosure could be months