Renaissance Realty Group’s Blog: Foreclosure timeline "the what,when.how or the process"

The first thing you will need to do is understand the foreclosure timeline.

Day 1 - Borrower misses first payment by a day. No penalties assessed at this time

Day 16-30 - A late charge is assessed to the borrower's payment.
The lender or mortgage servicer will attempt to make contact with the borrower for an explanation.

Day 45-60 -The servicer sends "demand" or "breach" letter to the borrower stating the mortgage terms that have been. The borrower is given only 30 days to resolve the delinquent amount.

Day 90-105 -The servicer refers the loan to its loss mitigation department / foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer's representative may record a notice of default at the local courthouse and it will be published in the local newspaper

Day 150-415 - A notice of trustee Sale is filed and the home is scheduled to be sold at foreclosure sale or auction. This time range varies due to individual state laws and requirements.

States with judicial foreclosures / where foreclosures are done via the court system, can sometimes extend this period to a year or more.

Georgia is a NON - Judicial state and no court action is required for the sale to occur.

A foreclosure is a legal event and there are benchmarks that must be met. Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in both the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property. If a member of the military is an owner of the property, there are additional safeguards required by federal and in some cases state laws From the beginning of the process, however, the meter is running. The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road.

Day 150-415 - Some states offer what is called a redemption period after the foreclosure sale in order to give the borrower time to purchase the property if they have the ability. However, most will be forced out of their home by the local sheriff's department.

 Georgia is a NON - Redemption state and no court action is required for the sale to occur.