Stop Mortgage Foreclosure and Stay In Your Home Even If You Cannot meet the Payment

You are in your home and it is a place where you and your family feel safe and secure. Then, for whatever reason – this has been happening to many folks these last few years – the bottom falls out and you cannot meet the payments. You need to stop the mortgage foreclosure process and stay in your home. If you have a sharp picture of the actions involved and the steps you must take prior to the actual eviction, you can forestall foreclosure.The foreclosure process has a definite sequence of eventsThe foreclosure laws can vary sharply from state to state and they all are invariably complicated. But, there are fundamentals each state has in common and there are certain steps you can take. Each step is entwined with the other and the dates and necessary responses they exact will vary somewhat.Once you miss your first monthly payment, your lender starts the foreclosure stopwatch ticking. First, you will receive a notice in the mail from the lender regarding the missed payment, usually within fourteen days. You will probably receive a few phone calls as well, at home as well as at work. Should payment still not be rendered, expect an increase in notices and calls.Communication can become a key aspect of the processWith no further payment, the lender will take a more aggressive stance. At this point it becomes essential to talk with your lender. The possibility exists that programs exist within the financial institution to make some new arrangements regarding repayment terms for folks with financial difficulties.Often, the lender usually allows about three months prior to actually setting the formal foreclosure process in motion, depending on the state. During this time you can come up with the money to set things straight. But, at the end of this period, you will receive a summons or a foreclosure writ. The legal paper will summon you to a hearing somewhere within your jurisdictional courts.Your appearance in court marks the next crucial stepYou will probably be requested to appear in court within the following thirty days, but this can vary depending on your state. You appearance in court with no offer of financial recompense to the lender will result in the judging ruling that you are in breach of contract and allowing the foreclosure to proceed. If you opt not to appear in court, the judge will have no choice but to grant the foreclosure to the lender, who will put the property up for auction.Things start to roll along quickly. Once the auction occurs, and this can take place in as little as seven days, you should have around fifteen days to vacate the premises and remove your belongings. If you do not, a local sheriff will enforce the move and you will find yourself and your stuff on the curb. A foreclosure carried to this degree is nothing if not painful and scary to individuals caught in the midst of it all.You do not need to let this happen to youOf course, your first concern will be finding immediate lodging as well as storage for your possessions. But do not let yourself get this far into the situation in the first place. If you have facts and the acumen, you could prolong the process for several years. And you do not really need an attorney or the use of a non-profit foreclosure rescue agency.Once you understand a few inside facts, usually undisclosed by financial institutions and their attorneys, you have the potential of holding onto your home. Foreclosure is nothing more than an intricate process that has built-in delays. You just need to learn how to use them. You should be able to stay in your home for years, even mortgage free, even if you are unemployed and have no regular income.