The process of foreclosure usually starts when a borrower defaults on at least one mortgage payment. At this point, the lender will send out a notice of a missed payment. If the notice is ignored and the second payment is missed, the lender will send a demand letter. The letter is a more serious warning. Most borrowers will reach out to work with the lender at this point so that arrangements can be made.
If the borrower still isn't able to catch up and no agreement can be made after 90 days, the lender will be forced to send a notice of default. After the notice has been dispatched, the loan is handed to the lender’s foreclosure department. After that, the borrower has another 90 days to settle the payments and reinstate the loan. If there isn't any progress by the end of the 90-day reinstatement period, the true foreclosure process will start.
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September 23, 2020 at 02:29AM
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