The Foreclosure Process

It is estimated that 1 out of every 200 homes will be foreclosed upon and that 250,000 families enter into foreclosure every 3 months.  In Arizona, the foreclosure rate is among the nations’ highest.  If you or someone you know is facing foreclosure, it’s important you know what the process entails. When a homeowner (borrower) has missed a mortgage payment, the lender will send a notice indicating that they have not received that month’s payment.  After two payments are missed, the lender will usually send a “demand letter” and the homeowner would need to remit the late payments within 30 days of receiving the letter. If after 90 days, the lender has not received missed payments, a notice of default will be issued, and the loan will be handed over to...