Wednesday, October 21, 2009

You need to have a clear idea of where you are in foreclosure in order to understand how you can stop foreclosure. All foreclosure procedures are different because all banks are different and all states have different laws that govern the foreclosure process. So where are you and how do you get to where you want to be?

When did you get the foreclosure notice from your bank? Take a look at these documents and see when they are dated. That will tell you when your foreclosure procedure began. My foreclosure notice came from my bank’s attorneys.

When did you get the foreclosure documents from the courts? Shortly after the bank sends you the foreclosure notice, they will file papers with the court. You will get copies of these that tell you exactly when your foreclosure was filed with the court. These documents are vital and the dates on them are very important. Every state has a different foreclosure timeline and that is what determines how long you have to save your home. As soon as your bank’s lawyers file papers with the court, the clock is ticking and you have a very limited timeframe in which to stop foreclosure on your home. In order to know exactly where you are at in your foreclosure procedure, you need to have these documents and you need to know exactly what date they were filed.

What is your state’s foreclosure timeline? Find out how long the timeframe is from when your bank’s attorneys file the foreclosure paperwork until the sale date of your home. Like I said, every state is different so you have to understand what the foreclosure procedure is for your state. It could be anywhere from a couple of months to up to a year. It all just depends on the state. Do whatever you need to do to find this information.

So now you know all of this and you know where you are at in your state’s foreclosure timeline. How do you get to where you want to be? As with most things in life, it is always good to have a plan. Even if it is a very brief plan. Part of that plan definitely needs to include talking to your bank. You will not stop foreclosure unless you talk to them. Create your own “getting out of foreclosure” timeline. Every foreclosure procedure can be stopped, you just have to know how you are going to do it.