Foreclosure management and consultation

What happens when one of our loans goes into default? While each state has its own specific timeline regarding real estate foreclosures, borrowers must be notified once their loan is in default. This “Notice of Default” initiates the Foreclosure Process which follows the Standard Real Estate Foreclosure Timeline:

1. 30-45 Days Late on Payment – if there’s no contact with the borrower, a notice of default is sent. If there is still no contact after reception of the notice of Default, an Outside Counsel will initiate the foreclosure process.
2.  45+ Days Late – Communications with the lender regarding the specific Foreclosure timeline as it relates to the property until the Foreclosure auction is completed
   
   1. If the property is located in a Judiciary state, the timeline depends on the county in which the property is located
   2. If the property is located in a non-judiciary state, the foreclosure process is typically 90 days