WHAT IS THE FORECLOSURE PROCESS AND HOW LONG DOES IT TAKE?
- The foreclosure process starts when you missed your first consecutive house payment.
- After 90 days, the lender can issue a Notice of Default (NOD) if your arrears are not fully paid.
- After another 90 days, the lender can issue a Notice of Trustee Sale (NOT or NOTS) if your arrears are not fully paid.
- As early as 21 days after the NOT is issued, your home can be auctioned off. If you have any equity in the home, you will lose it all. Even if the home does not get sold in auction, you may lose your equity. The lender now takes possession of your home. If you do not have any equity, then your credit will be further damaged with the foreclosure. We have a better chance after the NOD, but after the NOT is issued, it will be more challenging.
- If the home is sold at auction or any other means after auction, the property is transferred to the new owner.