Loan modification and Foreclosure site

Here is a general timeline of what to expect during a foreclosure [It is important to remember that every situation is different]:

• You get a notice of default on your mortgage. This is basically your lender telling you that you have missed payment[s]. If you can make these payments, or pay whatever you have do, you’ll be fine, however if you do not have the money or resources to pay your late mortgage payments, the foreclosure cycle continues.
• Next a “deed of trust” is drawn up. This is a document that, in essence, transfers your home’s legal status. You will no longer be the legal owner of the home, the trustee will be.
• Later, a “publication period” begins. Here the lender will contact your counties registrar and attempt to make it known that your house will be entering the auction period.
• Finally, your home enters the auction period. The lender is trying to sell the home at a foreclosure auction for as much as it possibly can so it can recover part of its losses at least.

As you can see the foreclosure process is not pretty in the least bit. You are best off doing everything you possibly can to avoid a foreclosure.