Pacific Northwest Real Estate Resources
Below is an approximate timeline of events that lead to a foreclosure of your Pacific NW home. Missing repeated mortgage payments escalates foreclosure, so don't delay in taking action to possibly save your home.
- First month missed payment – your mortgage lender will contact you by letter or phone. It's at this stage you should take immediate action and contact a housing counselor for help.
- Second month missed payment – your lender is likely beginning to call you to discuss why you have missed your payments. It is important that you speak to your lender. Action and communication is key! Talk to your lender and explain your situation and what steps you are taking to resolve it. At this time, you still may be able to make one payment to prevent yourself from falling three months behind. Remember, a housing counselor can help.
- Third month missed payment – after the third payment is missed, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, your lender may begin foreclosure proceedings at this time. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. You still have time to work something out with your lender. You are running out of time but a housing counselor can still help.
- Fourth month missed payment – now you are nearing the end of time allowed in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount due or worked our arrangements you will be referred to your lender's attorneys. From this point on, you will incur all attorney fees as part of your delinquency. A housing counselor can still help you.
- Sheriff's or Public Trustee's Sale – the attorney will schedule a sale of your property. This is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale will be advertised in a local paper. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.
- Redemption Period – after the sale date, you may enter a redemption period. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale.