Depending on which state the property being foreclosed is located, the home foreclosure process can take on one of two forms; judicial or non-judicial. In a judicial state, as the first step of the foreclosure process, the lender must obtain from the county court a court order to foreclose upon the delinquent homeowners property. In a non-judicial state, the lender does not have to go through the court system to begin the foreclosure.

As soon as a borrower misses their first payment, its important to call the lender directly and explain why. If there are any financial hardships involved such as loss of job, medical/health issues, etc... the lender will be able to work out a plan with the borrower to help them get back on track.

As a last resort in foreclosure, you may want to look into sale-leaseback options for your home. Some investors will purchase your home and let you lease it until you are in a financial position to re-purchase the home.

There are many steps that can be taken after a missed mortgage payment to stop the foreclosure process. Contact your lender to determine if there is any flexibility on your payment amount. Often lenders would rather work with you than go through the foreclosure process.

Many lenders do not want to foreclose on your property however they have to do so to protect their financial interest in your property when you default on the mortgage note. In many cases however, when you default on the mortgage note, you may be able to avoid foreclosure by immediately contacting your lender and negotiating a plan to correct the default.

Foreclosure laws vary state by state and county by county. If you are facing foreclosure and have substantial equity in your property (Typically 40% or more equity is required), we may be able to help you save your home through a foreclosure refinance.

After you house is foreclosed upon, normally your home will go to a sheriff's auction at the county courthouse and people will bid on the home. Depending on where you live this can happen within a couple of months of the home being foreclosed upon or it could even take up to a year or possibly more. You can try to buy your home back from auction if you choose, but you will most likely need 10% down immediately at the conclusion of the auction and then you will only have 30 days to come up with the remainder of the money to buy the home. You can obtain financing but it is highly unlikely that you will find any lender to lend you the money to buy your own home back after it was foreclosed upon so recently.

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