The CreditLawGroup.com website of Smith & Gromann, P.A. is a multistate law firm whose practice is limited to federal consumer and banking law under which the credit reporting system operates. The firm provides cost efficient legal representation in disputing inaccurate, incorrect or unverifiable information contained on credit reports from the three major credit bureaus, Equifax®, Experian® and TransUnion® and their affiliates. The firm also provides legal representation to victims of identity theft. Visit http://www.creditlawgroup.com for more information.
Here is a typical foreclosure process
1. Day 15: The usual grace period is over. Collection calls will begin and you are now subject to penalty fee’s
2. Day 30: The collection calls will begin to get more serious and collection letters will start to arrive in your mailbox. The lender will appoint someone to call your at your work or home.
3. Day 60: Your collection letters will now mention that your account is in default of the loan agreement. The demand letter will most likely ask for you two make two payments to bring your account current. In addition you may also be responsible for late fee’s.
4. Day 90: This is when the situation begins to get very serious. The collection letters will demand that you immediately pay three payments to bring your account current. The term “Foreclosure” will probably be mentioned to you. A foreclosure attorney working for your lender will attempt to contact you and will also file foreclosure documents with the court house.
- Once you are served with the court documents you will typically have 20 days to respond. Make sure to check the document carefully to determine the exact date you need to respond by. This situation is now a matter of public record and it’s important to follow your states rules throughout this process. In addition many companies will contact you offering their “Foreclosure services” . There’s nothing wrong with enlisting professional help (as this is a complicated legal process) however it’s important to do your research and only go with a reputable company (preferably an attorney).
5. Day 110: A court date is set for the Summary Judgment Hearing. (usually 30-60 days later)
6. At your hearing the date is set to auction your home on the courthouse steps (usually 30-45 days after the hearing)
7. At the auction the highest bidder will get your home. The highest bidder is usually the first mortgage holder. In the off chance that your home sells for more then you owe, you are entitled to the excess money (minus any fees owed)
8. Finally 24-48 hours after the auction all occupants must leave the residence and all belongings left behind, now belong to the new owner.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Mortgage Foreclosure Appraisal: What You Need Before You Start
- Create a Plan to Stop Mortgage Foreclosure
- How to Use the Law to Help You Stop Mortgage Foreclosure
- Avoid Mortgage Foreclosure With Obama's Home Affordable Refinance Program
- Stop Mortgage Foreclosure This Holiday Season
- 4 Benefits Of A Short Sale In The Mortgage Foreclosure Process
- Focus on What You Can Control to Stop Mortgage Foreclosure
- Using Faith Backed by Action to Stop Mortgage Foreclosure
Paying Off Credit Card Debt - Which Is The Best Way To Get Out Of Debt Legally
By: howard Snyder | 08/01/2010Paying off credit card debt is one of the highest searched terms in Google each day. We are living in a very bad economic crisis and honest, hard working people that used to have perfect credit scores and kept their credit cards safely put away in case of an emergency, are being forced to use them to pay for daily living expenses like buying milk or eggs. Due to this s...
Protect Your Credit: Important Tips To Keep In Mind This Holiday Season
By: Mick Bernard | 07/01/2010With personal debt growing, lack of GDP growth and unemployment in double digits understanding the world of credit is that much more important. If you are one of the lucky Americans that have not been impacted by growing personal debt, you know someone that has. Most people do not have time to read the fine print, but they should not have to feel victimized by Credit Card Companies. The following are six methods to protect your credit:
Start budgeting for after the holidays, today! Tips to keep your holiday spending under control
By: Mick Bernard | 07/01/2010According to the latest Gallup poll, Americans estimate that they will spend on Christmas gifts somewhere around $600 which has been a consistent benchmark throughout the holiday season. On the nightly news, there was one answer that kept getting repeated, “I will worry about it later”. That thought stuck in my head for days as I was looking over economic data...
Credit Card Penalties: A warning regarding your interest rate in the new year
By: Mick Bernard | 07/01/2010I received a email recently from an old client the topic was regarding Credit Card increases. Due to the latest legislation that was past earlier this year, credit card companies are trying to do anything and everything they can before the new rules are implemented on February 22, 2010....
Get Out Of Credit Card Debt - Stop Calls From Creditors, Get Rid Of Debt And Keep Your Home
By: howard Snyder | 07/01/2010In the past few years, americans have accumulated large amounts of credit card debt. We are living a very tough economic situation and it is no longer surprise to hear about a neighbor, close friend or relative that have lost their job or that have been notified that they will. These very people have gone deep into debt just to pay for living expenses and they are falling behind very fast and are desperate to find a way to
Settle Credit Card Debt Without Getting Ripped Off
By: J Newton | 07/01/2010Avoid getting ripped off or misled by credit card debt settlement products or services. A look at the key pieces of information every consumer should know before signing up with a debt settlement company.
How Banks Are Striking Back!
By: Robert Lefcort | 07/01/2010Faced with sweeping new restrictions on credit-card companies which would ban extra fees and fluctuating rates and arm tens of millions of consumers with more information on their debts, banks are aggressively taking steps now to position themselves to replace any lost profits resulting from these changes.
Self Mastery and Credit Repair
By: Jim Kemish | 07/01/2010Credit repair is capable of delivering wonderful financial benefits. Take charge of your life today and experience the benefits yourself.
Choosing the Right Reloadable Credit Card
By: The CreditLawGroup | 01/05/2009 | CreditFor those of us in today’s society who are unable to get a valid bank account or credit card, for whatever reason it may be, do I have the solution for you. The answer to your credit problems, well, at least the beginning answer, is a reloadable credit card.
Ways To Save Money In An Expensive Country
By: The CreditLawGroup | 01/05/2009 | Personal FinanceSave money so that you can do more things that you enjoy. Read this blog for tips to find out how!
How Your Spouses Credit Score Can Affect You
By: The CreditLawGroup | 01/05/2009 | CreditAlthough bad credit isn’t contagious married couples will sooner or later feel the affects of a spouses less then perfect credit score
Navigating A Short Sale
By: The CreditLawGroup | 01/05/2009 | Real EstateA brief rundown on how to do a short sale. As home values continue to decline, short sales have become one of the most viable solutions for millions of underwater homeowners who are facing foreclosure. Unfortunately, it is very difficult to successfully negotiate a short sale with most lenders today. Find out how to speed up your short sale by avoiding some of these obstacles...
What is a Short Sale? Whom Should I Hire To Negotiate a Short Sale With My Lender?
By: The CreditLawGroup | 21/04/2009 | Real EstateNegotiating a successful short sale is no easy task. It will require countless hours of phone time and inevitable frustration.A short sale describes the process of negotiating with your lender to get them to accept less than they are owed for your property. A short sale is an ideal alternative to foreclosure if you owe much more your home is worth and you no longer want to own your property.
Facts About Credit Cards
By: The CreditLawGroup | 13/04/2009 | CreditA list of little known facts about credit card companies policies and how they benefit you.
Liens and your Credit Score
By: The CreditLawGroup | 13/04/2009 | CreditImportant information about all the different types of liens that every consumer should know!