The Three Stages Of Foreclosure Process

The foreclosure process has three common stages. These are the pre-foreclosure stage, lawsuit stage, and the sheriff selling the property. The first stage is when the homeowners begin to fail in their mortgage payments; thus, the mortgage lender will put the mortgage loan into the pre-foreclosure stage. The second stage is when the home is taken back after the bank files the Notice of Default or foreclosure lawsuit with the county. Finally, the last stage is when the property is auctioned off at a sheriff sale by the local government. In many states, auctioning off the property means that the point of no return has already been reached; thus, the eviction of the homeowner becomes a foregone conclusion.