What is the foreclosure process?
When your loan is 60 days delinquent and we have not established one of the above options we will demand the full delinquency to be paid within an established time. When that time expires and the delinquency has not been satisfied we will refer your loan to an attorney to file a foreclosure proceeding in your local jurisdiction. Once the foreclosure has been filed it can vary from state to state on when the sale/auction of the property will take place. At the sale/auction a separate bidder or we will own the property. If you are still in the property after the sale/auction date you may be evicted.
