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Foreclosure - FYI
Good consumer information in this recent blog post.  Too many homeowners in a foreclosure situation bury their heads in the sand. The problem will NOT go away, so communicate with you lender
Foreclosure - FYI
Few people think they will lose their home, they think they have more time. Here's a general outline of how it happens. Note: Timelines may vary.
·         First month missed payment - your lender will contact you by letter or phone. A housing counselor in your area may be able to help.
·         Second month missed payment - your lender is likely to begin calling you to discuss why you have not made your payments. It is important that you take their phone calls. Talk to your lender and explain your situation and what you are trying to do to resolve it. At this time, you still may be able to make one payment to prevent yourself from falling three months behind.
·         Third month missed payment - after the third payment is missed, you will receive a letter from your lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand ... more

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