Helping hardworking families become financially-stable homeowners for over 35-years.
How Does Mortgage Foreclosure Work?
2. This results in DEFAULT.
3. This status remains in effect for 90 days while borrower is informed and given opportunity to pay overdue balance.
4. Once in default, lender may begin foreclosure process by filing a Notice of Foreclosure.
5. Typically time between this filing and sale of property is 120 days - 9 months.
6. The borrower can challenge the proceedings in court which may extend time in property but will not usually prevent a sale.
7. At this point, because this filing is a public record, the borrower may receive lots of mail offering assistance. BEWARE of fraudulent offers.
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NHS Phoenix, Inc. · 1405 East McDowell, Suite 100 · Phoenix AZ 85006
E-Mail: programs@nhsphoenix.org · Phone: 602.258.1659 · TDD 800.367.8939 · Fax: 602.258.1666
