Distressed Sellers

Following the initial missed payment, homeowners enter an early delinquency period—a critical phase that requires careful attention and proactive communication. During this time, late fees may accumulate, but lenders often provide a grace period before taking further action. This period serves as an opportunity for homeowners to engage with their lenders, discuss potential solutions, and, if possible, implement strategies to address the delinquency before it escalates further.

Following the issuance of the NOD, homeowners enter a pre-foreclosure period that allows for a more deliberate examination of potential remedies. This crucial phase is not just about acknowledging the problem; it's an opportunity to seek solutions actively. Homeowners may explore options such as catching up on missed payments, engaging in a short sale, or negotiating with the lender for alternative resolutions, including loan modification or restructuring.

The foreclosure auction is a pivotal event in the process, where the property is made available to the highest bidder 20 days after the NTS is filed. Whether conducted in a public setting on courthouse steps or through an online platform, this phase is characterized by competitive bidding, market forces, and the determination of the new property owner. The outcome of the auction significantly impacts the future trajectory of the property and its ownership.

The final chapter in the foreclosure process may involve the need for eviction, particularly if the property's new owner, often the lender, requires vacant possession. This legal process entails removing occupants from the property, which may include the previous homeowners. Eviction represents the culmination of the foreclosure journey, finalizing the transition of property ownership and closing the chapter on a challenging period for all parties involved.