Most of all homes can be saved from foreclosure by taking the proper action.

A mortgage is considered delinquent when any payment is not made by the due date. It can be in default when two or more payments are missed. Usually around the second or third month the mortgage holder will notify you, that if the mortgage is not caught up, they will take serious action against you. This warns the property owner that a foreclosure action is coming very soon. This is the very best time to act and contact your foreclosure prevention mediator. Sometimes at this early stage, the situation can be resolved within one or two weeks.

The property owner should seek the advice of a foreclosure prevention mediator as soon as possible. The faster the property owner asks for help, the more options there are available, and the homeowner will have a greater chance for success.

In order for the lender to start foreclosure, they must go to court and initiate a lawsuit asking the court to sell the property. Depending on what state you live in there are two types of foreclosures: Judicial (done within the court system – you are served with a summons and complaint from the court), or non-judicial (outside of the court system). Both types of foreclosure require the mortgage lender to follow very strict rules and guidelines concerning the methods and timing for notifying you and others of the foreclosure, before they can actually sell your property. Judicial foreclosures can take as short as six months and as long as several years, depending on the state of residence. Non-judicial foreclosures can take place in as little as three to six months.

Your best options can be available to you very early in the process. The more time we have to work out the problem, the better chance you have of obtaining a great option to saving your home that fully meets your needs as well as the needs of your lender.

Your lender does not really want your home back. The foreclosure action is a method to show you that they are serious about wanting to resolve the current mortgage delinquency. In fact, when a lender has too many properties in foreclosure, it limits their ability to borrow money and make new loans. So they are as eager as you to resolve the mortgage problem and get back on track with your mortgage payments.