Foreclosures are at an all time high, real estate markets are slowing down, interest rates are going up, and homeowners are starting to panic about not being able to make their mortgage payments. You may also receive a Right to Request a Modified Mortgage Loan notice. Foreclosures often begin when the borrower stops making payments. One option is adding the unpaid balance to the principal of your loan and increasing your payments slightly to cover the extra amount.

Lenders may not contact you until you’ve skipped a second payment, but most will report the first late payment to the credit bureaus. In many cases, lenders are required to send a pre-foreclosure notice to delinquent borrowers at least 45 days in advance of filing a foreclosure proceeding, informing them of options that may be available to help them stay in their homes.

If the foreclosure auction goes ahead without delay, it is sold to a third party or back to the lender if no minimum bid is met. Summons—A legal document issued by a clerk of courts informing a defendant that a complaint has been filed against them and indicating that an answer must be filed within 28 days under Ohio law.foreclosure

A lawsuit filed in New York Supreme Court earlier this month claims Cassini’s embattled widow, Marianne Nestor Cassini, and her sister, Peggy Nestor, defaulted on a $9.5 million loan on the Upper East Side home. However, the lender may enter the house or property and gain constructive possession.

Legal Aid of North Carolina is a statewide nonprofit organization that may be able to assist some homeowners in their foreclosure cases. Forbearance: A temporary reduction or suspension of your house payment. However, in general, the mortgage company will start the foreclosure process about 3-6 months after the first missed mortgage payment.