IS IT TOO LATE TO AVOID FORECLOSURE?
Below you will find several key stages to be familiar with.
Track your foreclosure process on the internet.
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Default
Failure to make the mortgage payment within a specified period of time. For first mortgages, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.
Lis Pendens
A notice that literally means a lawsuit pending that is usually recorded but sometimes filed so as to give constructive notice to warn all persons that the title or right to the possession of the real property is in litigation.
Final Judgment
The court has determined that the homeowner does in fact owe the mortgage company the monies being sought and adjudicates a Final Judgment against the homeowner for the total amount owed.
Sale Date
The bank petitions the court to establish a sale date for the property. This sale date is usually set 30 to 60 days out from when agreed upon by the judge hearing the case.
Certificate of Sale
A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the sale of the property.
Certificate of Title
A written opinion provided by the court on the status of a piece of property based on an examination of the public record.
The time frame between each of these steps could be weeks or in some cases, months.
TO LEARN HOW TO TRACK YOUR CASE ON THE INTERNET "CLICK HERE"
Disclosure: This is not intended nor should be construed as legal advice. This information is intended to enlighten homeowners to the information that is available in a public records search. For legal advice please consult an attorney.
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