Understanding the Foreclosure Process


Foreclosure is the process by which an individual loses his or her home because the mortgage lender repossesses it. This happens when the homeowner falls behind on payments and cannot work out a more reasonable payment plan with his or her lender.

Unfortunately, thousands of Americans face foreclosure each month, many of whom are unaware of the process before the proceedings start. Individuals who are educated on the subject may be able to pause or even end the process once it begins.

Individuals may be at risk for foreclosure after missing just one payment on their homes. When this happens, the lender may send the homeowner a demand letter. This letter warns the homeowner that he or she has fallen behind on payments and that he or she has a certain amount of time to catch up on payments before the foreclosure process begins.

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Those who fail to catch up on their payments may next receive a notice of default. When this happens, it means that the lender has filed foreclosure proceedings with the state, and the process will be complete once the foreclosure is granted. At this stage, individuals may still be able to talk to their lenders to end the foreclosure process from progressing.

Finally, once foreclosure has been approved, an individual will receive a notice of sale, which notifies the homeowners of when the home will be put up for auction. By this time, it may be too late for an individual to save his or her home.

Individuals may be able to save their homes by talking to their lenders about restructuring their debt or by declaring bankruptcy. Individuals are advised to discuss their options with an experienced lawyer before proceeding.

If you are at risk of having your home foreclosed on, discuss your legal options with the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, today.


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