Understanding the Foreclosure Laws in Your State Can Save Your Home

After a specified time period, normally 90 days, the lender files a Notice of Default at the Circuit Court in the county in which the property is located. This serves as an alert to the borrower that the foreclosure process is beginning. This should come as no surprise in the vast majority of cases. This is the time to request the advice of a professional foreclosure consultant. They can help you understand how to save your home from foreclosure. Learn more at www.StopForeclosureHelpToday.com.

The Notice of Default also marks the beginning of a period in which reinstatement is possible. This reinstatement period lasts as long as up to one day before the actual sale of the property. With foreclosure rates at record high levels country-wide, both the lenders and state governments are attempting to give borrowers every opportunity to bring their loans current. Since October, 2007, there has been a 71% increase in the amount of foreclosures filed. There were 81,312 foreclosures filed nationwide in September of this year alone.

If the loan is not brought current during this reinstatement period, a sale or auction date is then established. The borrower is presented with a Notice of Sale, normally via both first-class and certified mail. The Notice of Sale is also to be posted at the property in question. It is normally taped boldly to the front door. The lender is also required to run an ad in the local newspaper notifying the public of the sale for three weeks in advance of the sale date. State dependent, borrowers are still able to intervene in the foreclosure process. Most states allow the borrower to bring the loan current until the day before the sale or auction.

If the loan is still not brought current and the sale is held, the opening bid is normally set at the amount of the balance of the defaulted loan plus interest accrued and any other fees associated with the sale. Of course, having a skilled foreclosure consultant in your corner goes a long way towards saving your home from foreclosure. They can deal with lenders, court systems and all other involved parties on your behalf and find ways for you to be able to stay in the home that you have worked so hard to acquire. Remember that the initiation of the foreclosure process doesn't necessarily mark the end of your home ownership.

Igor Mosyak is the owner and operator of www.StopForeclosureHelpToday.com an organization dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process and provide visitors of our website with FREE e-Book on "Stopping Foreclosure-Understanding Your Options"