7 Foreclosure StepsGenerally, there are 7 foreclosure steps which every lender must go through in order to take posession of your house. They are: 1. You (and other lien holders) are legally notified that you are in default. 2. You are given a certain amount of time to cure the default. Curing the default, means that you must pay the amount that you're in default(number of payments behind that you are plus any lawyer fees and other fees). 3. If you don't pay off this amount in the alloted time, then you will be required to pay the total amount of the loan. 4. The foreclosure auction sale is advertised by the lender or its legal representative. 5. The property is sold to the highest bidder. 6. There's a redemption period (its length depends on the state) in which you have the right to pay the loan off and still keep your property. 7. The new buyer gets title after this period has expired. Bear in mind, that although the steps listed here are few each step by definition takes quite a bit of time. For that reason the foreclosure process normally takes between 6 and 9 months to complete. As you may well have noticed, these are not normal times. There is a huge backlog of foreclosures in just about every jurisdiction of the US. It's probably safe to assume that the foreclosure process will probably take longer than usual.
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