What can I do if I have an upcoming foreclosure date?

The first thing you should do is not panic. Secondly, call us at 1-800-760-9156 so we can give you the most up-to-date guidelines for foreclosures and short sales. Even if your foreclosure is one week or one day away, it may be possible to delay the foreclosure proceedings. Many people feel that when they receive an NOD (Notice of Default) or NOS (Notice of Sale) all of their options are gone. This is not true, as the lender will try to avoid the more costly foreclosure process. You can avoid the foreclosure process and even receive monetary assistance through a short sale.

What is a Notice of Default?

The Notice of Default (NOD) is the official legal starting point in the foreclosure process. The lender will issue an NOD at some point after a borrower misses their mortgage payments. Every lender and every situation is different, so a borrower might receive an NOD at minimum of four months or a up to a few years after missing their mortgage payments. The lender must then wait 90 days before issuing a Notice of Sale.

What is a Notice of Sale?

The Notice of Sale (NOS) is the official legal procedure of a lender notifying the homeowner of a pending foreclosure sale date. At minimum the sale date must be 21 days from the NOS being filed with the county. This means the minimum amount of time a homeowner has after receiving a Notice of Default to the actual foreclosure date is 111 days.

It is estimated that it costs lenders up to $60,000 to foreclose on a home with court and lawyer fees, so most lenders would rather take a cheaper approach. If you are serious about stopping the foreclosure proceedings, the lender will be willing to listen as long as they see an effort on your side through professional assistance. It is important to be aware of foreclosure scams and how to avoid them. A common mistake is that people will move out of the house with a looming foreclosure, but you will lose some of your rights when you do this.