How much time do I have before a lender forecloses?

A homeowner is faced with a foreclosure if he has defaulted on his mortgage payments. It is a process that generally starts after a homeowner has missed four payments in a row, and is sent a default notice. Talking about the duration of the entire foreclosure process, it can take anything from six months to more than a year. Also, the length of this process depends on a number of external factors and most importantly the laws of the state. So if you are looking to find a solution to your impending foreclosure, get in touch with a reputed loan modification specialist like Loan Modification Depot. With a number of experienced attorneys on board, they can acquaint you with some excellent loan modification options, thus going a long way to stop any impending foreclosure in its tracks.

89-1State laws

As mentioned earlier, the laws of the state you are residing in has a big role to play in determining the length of your home’s foreclosure. These state laws define the methods through which its residents can buy their homes. It can either be in the form of mortgage or a deed of trust. If it’s the former, a lender would need the court’s permission to start the foreclosure. For a deed of trust, a lender would be able to skip judicial procedures to start a foreclosure.

89Default notice

The notice of default is sent to a homeowner after four missed payments. Depending on the state laws, he would be given around three months to pay the arrears and halt the foreclosure process. The borrower can also negotiate with the lender to chalk out a more liberal repayment plan, and Loan Modification Depot can provide all assistance to make it a smooth process.

If you are trying to prevent a foreclosure from blotting your credit history, get in touch with Loan Modification Depot today for some excellent loan modification consulting.