Time is against you... There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. Missed Payment - The process begins with a missed payment.  You normally have a grace period, usually around 15 days, within which you can make your payment.  15 Days Past Due - After the expiration of the grace period, with no payment received, you begin to accrue late fees.  You also begin to receive calls from the collection department of your lender. 30 Days Past Due - After 30 days past due, the lender becomes more aggressive in their approach to collect from you.  In addition to the telephone calls, you begin to receive collection letters in the mail. 60 Days Past Due – The lender continues the campaign of letters and phone calls demanding payment.  At this point, the lender will demand 2 payments and late fees. 90 Days Past Due – You will receive a Breach Letter and communications will now include the word FORECLOSURE on them.  There will be contact with a trustee (foreclosure attorney) who will be ordered to record a Notice of Default (NOD) at the County Clerk’s Office.  This puts the borrower on notice that he/she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.  Once you are served with this letter you will typically have 20 days to make a formal response.  Please check this document carefully to determine the exact date by which you must respond. The situation is now a matter of public record. 3 to 9 Months Past Due - If the default isn't corrected within three to nine months, a foreclosure sale date is established.  A Notice of Sale is published in local county newspapers over a three-week period.  The homeowner will receive a Notice of Sale, at least 10 days prior to the scheduled sale, and this notice will also be posted on the property.  In addition, the Notice of Sale is recorded at the County Clerk’s Office in the county where the property is located.   The foreclosure Trustee Sale typically occurs on the steps of the county courthouse, overseen by the sheriff, in which the property is located.  The time and location of this sale are designated in the Notice of Sale.  At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours.  The winner of the auction will then receive the trustee’s deed to the property.  If the house sells for more money than is owed, the owner gets the excess money minus any fees.  24 to 48 hours later everyone must be out of the house. Anything remaining in the house belongs to the new owner. For assistance please fill our Confidential form or Call 609-567-2678 You Have Options - You Don't Have to Face Foreclosure Alone - Let us Help-U-Out!