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|Mortgage Foreclosure Timeline||
Last updated: December 2014
When you buy a house, you sign a mortgage and a note. A mortgage is a written agreement between a mortgage company or bank and a home buyer.The not is a promise to pay back the money the bank loaned you. If you do not pay your mortgage, the bank can try to take your home. The bank can also try to collect what you owe. This process is a mortgage foreclosure.
This timeline is only a general guide for a homeowner who chooses not to fight the foreclosure case.
Before the bank can sue you for mortgage foreclosure, they must see if you qualify for a loan modification under the federal government’s Home Affordable Modification Program (HAMP). To qualify for HAMP, both you and the bank must be eligible.
Your redemption period ends:
Before the foreclosure sale of your property takes place, the bank must:
A judge will usually confirm a foreclosure sale unless you can prove one of the following:
The home is sold. The sale is confirmed. You no longer have the right to stay in your home and the bank can ask the court to have the sheriff remove you from the property, if you do not do so by yourself.
If the bank sold the house for less than you owe, you might have to pay the difference.
The foreclosure deed, a written document of foreclosure, becomes public record.
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