Practicing as an attorney at Miller Law in Hinsdale, IL, since 1992, Cynthia Ann Miller has provided legal advice to sellers and buyers in real estate transactions in Hinsdale, Downers Grove, and Naperville, IL. Cynthia Ann Miller often represents clients in foreclosure proceedings.
While it can vary from state to state, the foreclosure process can generally be broken down into five stages. Foreclosure begins with a homeowner failing to make his or her mortgage payments on time. Once the homeowner has missed three to six months worth of payments, the lender informs the County Recorder's Office that the homeowner has defaulted.
During the pre-foreclosure stage, the homeowner can still get back on track by paying the balance owed or entering into a short-sale agreement. This period can last anywhere from 30 to 120 days.
If the allotted time period has passed and the homeowner hasn't made the requirement payments, the lender will set a date for the home to be auctioned. Prior to the auction, most states still allow for a homeowner to escape foreclosure by paying the outstanding debt.
The last stage of the process is post-foreclosure. If no one purchases the home during the auction, then the lender assumes ownership of it. Subsequently, the lender will either try to sell the home with help from a real estate agent or place the home into a liquidation auction.
While it can vary from state to state, the foreclosure process can generally be broken down into five stages. Foreclosure begins with a homeowner failing to make his or her mortgage payments on time. Once the homeowner has missed three to six months worth of payments, the lender informs the County Recorder's Office that the homeowner has defaulted.
During the pre-foreclosure stage, the homeowner can still get back on track by paying the balance owed or entering into a short-sale agreement. This period can last anywhere from 30 to 120 days.
If the allotted time period has passed and the homeowner hasn't made the requirement payments, the lender will set a date for the home to be auctioned. Prior to the auction, most states still allow for a homeowner to escape foreclosure by paying the outstanding debt.
The last stage of the process is post-foreclosure. If no one purchases the home during the auction, then the lender assumes ownership of it. Subsequently, the lender will either try to sell the home with help from a real estate agent or place the home into a liquidation auction.
