Forclosure Home Loan Modification

Steps of Foreclosure - You Can Extend Those Steps and Stay in Your Home For 3 Years Payment-Free
By Alfred Sant

You might be asking how long you can stay in your house without making payments after the steps of foreclosure is initiated by your lender. This is the kind of question a lot of people ask after they lost hope in Obama's Loan Modification Program. The intention of the program is to help homeowners but unfortunately, due to legalities, it is not helping the majority of homeowners who are facing foreclosure.

A lot of homeowners think that they will soon be without a house and they are now thinking how long they can stay there for free without paying for their loan payments before foreclosure starts, kicking them out of their homes.

It's up to you how long you can stay in your home without making any payments before foreclosure evicts you from your property. The steps of foreclosure are a very complex process with factors to consider.

The first thing that you would notice is that it differs from state to state. The kind of property that is being foreclosed also changes the scenario. The kind of lender you are dealing with also plays a big part in this but generally speaking the rules are mostly the same for almost all parts of the country.

Here are the basic steps of foreclosure in almost all the states. If you miss your monthly mortgage payments the bank will start counting and you will have a few months to make up for your late payments.

If you are unable to get up to date with your payments then your lender will file for a foreclosure against your home. You have 15 to 30 days to reply about the foreclosure summon; the actual number would depend on the state that you are in.

Ignoring the foreclosure notice would mean that you surrender your right to the property and the lender would acquire it in a preset date. The next steps of foreclosure that will come next are the ones that are hard to swallow.

First, your property will be auctioned at a local auction site and it would go to the highest bidder, normally at a bargain price. Next; you will be thrown out of your property by the sheriff if you fail to leave before the given date.

The steps of foreclosure discussed here are the basics. There can be a lot of changes regarding the process depending on the circumstances and it is actually difficult to determine exactly what will happen.