How to save your Home from Foreclosure
Joseph F. Mcginn
Retired Sheriff of Delaware County
Foreclosure is a process that transfers the right of homeownership from the homeowner to the bank or lender. A home goes into foreclosure when the owner stops paying his mortgage loan payments. Properties that have been foreclosed by lenders often are then sold at sales presided over by local sheriffs.
How does a home get to a Sheriff's Sale?
The steps are as follows:
|Number of Days||Explanation|
|30 Days Behind||Letter of Intention to Foreclose|
|30 Days to Bring Current||Grace Period|
|30 Days to Serve||Complaint in Mortgage Foreclosure|
|30 Days to Answer||Answer to Complaint Judgment Answered|
|90 Days to Sale||Writ of Execution Issued|
What can be done to prevent a Sheriff's Sale of a home?
Do not ignore the letters from your lender’s loss mitigation department. Explain your situation. Be prepared to provide financial information
Loss Mitigation is a program where homeowners and lenders work together to resolve a delinquent loan. Loss Mitigation can involve a short-term or long-term plan for bringing the loan current.It can also provide a way for the homeowner to make a graceful exit from an unaffordable mortgage.
The question that must be answered is:
Do you want to stay in the home or leave the home
If the option is to leave the home, the homeowner could:
If the option is to stay in the home, another question must be addressed.
Is it a short-term financial hardship or a long-term financial hardship?
If it is a short-term financial hardship, the homeowner could:
If the homeowner has a long-term financial hardship, the homeowner could: