PREVENT FORECLOSURE
KSH Financial assists Home Owners nationwide who have experienced financial hardship or unaffordable loans by providing a honest, high quality loan mitigation service working with your lender to alleviate the potential foreclosure process or penalties resulting from delinquent or non-payment of your most precious and valued asset; your home by modifying your loan to make it affordable again.
KSH Financial is dedicated to providing solutions for homeowners experiencing mortgage difficulties. We negotiate with lenders and creditors to find solutions that will reduce your monthly expenses and allow you to keep your home. During the process we will keep you informed, engaged, and moving toward an early resolution to give you peace of mind about keeping your home.
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This page provides details about foreclosure law designed to help users look after their own legal needs. Click on the state your home is in for specific information. Legal information is not the same as legal advice. The application of foreclosure law to your specific situation should be approached with caution and perhaps some legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
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FORECLOSURE LAWS & TIMELINE
Mortgage laws vary by state, please
select the state above to see the foreclosure laws that apply in your
state.
A Foreclosure Timeline
As borrowers fall
behind in their payments, they can expect their lender(s) to act at specific
times, here is a typical timeline for foreclosure proceedings, but use the links
above to investigate specific state laws, and how they apply to your
situation.
Day 1
The first day of the month, and the
mortgage payment is due, and is missed by the borrower.
Day 16 through
Day 30
Late charges are assessed, and the service company contacts the
borrower to find out why the payment is late.
File is sent to the collections
department.
Day 45 through Day 60
The service company sends a
"demand" or "breach" letter to the borrower reminding them that they have
violated the terms of the mortgage, and is given thirty days to resolve the
situation by paying the delinquent amount.
Day 90 Notice of
Default
Foreclosure proceedings begin with a notice of default (NOD). The
notice is recorded at the request of the lender by the trustee and is recorded
in the county where the home is located. This notice gives "Constructive Notice"
to the public.
Day 180 Notice of Trustee Sale
If the
borrower does not reinstate the mortgage within 90 days of the NOD, the
lender(s) will authorize the trustee to record the notice of Trustee Sale (NOS).
Day 201
Twenty-one days after the NOS is filed, a
foreclosure sale can take place at public auction. The property can be sold to a
third party, or can revert back to the lender for a specified amount.
Bidders are required to bring cashier's checks or money orders to the auction
in amounts equal to or greater than the opening bid. The auctioneer will qualify
each bidder and the successful bidder will have to tender full payment at the
sale.
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FORECLOSURE LAWS BY STATE
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