| When a homeowner fails to make payments on his | | | | amount of the settlement, they may get a loan for part |
| her mortgage for a certain amount of time, usually 3-6 | | | | of it and borrow the rest from friends or family. |
| months, the lender starts the foreclosure process. The | | | | Loan modification; where the terms of the loan are |
| process begins when the lender has a trustee file a | | | | changed temporarily to allow the borrower to get back |
| Notice Of Default, or NOD, at the County Recorder's | | | | on his/her feet. A simple repayment plan may also be |
| office of the county where the home is located. If the | | | | enacted, where the past due amount is figured into the |
| borrower does not correct the default within a certain | | | | payments until it is paid off and the loan is back on |
| period, usually 3 months, then a Notice of Sale is filed | | | | schedule. |
| with the County, mailed to the homeowner, and | | | | Deed in lieu of foreclosure; Usually in this case, the |
| published in a local newspaper 3 times over a period | | | | debtor trades the deed to the home in exchange for a |
| of 3 weeks. | | | | forgiveness of debts, but the terms need to be |
| A foreclosure may be stopped at any point in this | | | | carefully investigated to make sure all debts are |
| process, after either the Notice of Default or the | | | | forgiven. |
| Notice of Sale is filed, and sometimes even after the | | | | By the way, by researching and comparing the best |
| home has been sold at auction. The further the | | | | stop foreclosures services in the market, you will be |
| process goes, however, the harder it will be to stop it, | | | | able to determine the one that meet your specific |
| so it's recommended to begin fighting the process as | | | | financial situation, plus the cheaper and quicker options. |
| soon as the Notice Of Default is filed. | | | | However, it is advisable going with a trusted and |
| There are many options when attempting to avoid | | | | reputable stop foreclosure specialist before making |
| foreclosure. | | | | any decision, this way you will save time through |
| "Short pay" or "short refinance"; option where the a | | | | specialized advise coming from a seasoned |
| settlement is reached for the amount due and a new | | | | foreclosing advisor and money by getting better results |
| loan is created, often called a foreclosure loan. If the | | | | in a shorter span of time. Meaning getting your house |
| borrower does not qualify for a loan covering the full | | | | out of risk as soon as possible. |