When your property is at risk for foreclosure it is important that you know how this process works and the time frame you have, so that you can act accordingly and possibly save your home from foreclosure.

Your property is at danger of foreclosure if you have failed to make your mortgage payment for more than 2 months. Your lender will then send you a foreclosure letter if you have missed 4-5 monthly payments but the time usually varies from one lender to another. Some may immediately send you a foreclosure letter with 2 missed payments while others may take a while.

When you have received the foreclosure summon you usually have about 20 days to response and if you don’t the court will favor the lender, and will give them full ownership of the property wherein they can put in auction. As for you, you have about 2 to 3 weeks to move out of the property before a sheriff will force you out of your house.

I’m sure you would not want all of this from happening, so the first time you receive a summons, or better yet the first time you know that you have financial problems, deal with it right away. You can deal with it on your own or you can ask legal assistance from people who are knowledgeable about dealing with foreclosure and the like. When you are assisted by a lawyer you will be guided as to the proper things to do and you will be given alternatives on how to get away from foreclosure. These lawyers are experts in this field so they can give you the best and practical advice that you need.
On the other hand, if you acted too late and your property is foreclosed then you have no other choice but to go on with your life. During the first few months, it is normal for you to blame yourself about what happen. There will be a lot of questions and “what if” that you will think about. It is normal to grieve about your loss and it is even healthy to do so. But the grieving period should only last for a certain time.

At some point you would have to learn to live with your loss and continue with life. You can start by finding a home for you and your family. You can start by finding a place to rent that is within your means. From there on you can continue with your job or, if you don’t have one, look for a job. This time earn from the mistake you’ve committed. You may want to limit if not totally eliminate expenses on unnecessary things and save some of your earnings. This will also be a good time to start repairing your credit scores.

Life after foreclosure is never easy, but the good thing is you can always learn from that experience. There are a lot of people who have gone through the same problem but are able to manage and recover from their loss. You have another chance to correct those mistakes so make your choices carefully and decisions wisely.