Timeline of the foreclosure process.

Most people never plan on going into foreclosure. As a result, many mistakes are made by most sellers. I will discuss a typical timeline. Once the homeowner misses three months of payments the lender can file a foreclosure lawsuit starting with a Notice of Default. The homeowner has 28 days to respond. Without a response from the homeowner, the lender can continue to work towards a Default Judgment. During the next (4) months, the lender will continue to seek the Default Judgment. Once a Judgment is issued, the Sheriffs departments' role begins. Over the next month the sheriff will appraise the property and post a formal written notice in the legal news with the date and time of the auction. The time from scheduling until the auction is usually 2 months.

Once the day of the auction arrives, the property will be bid on starting at two thirds the value of the appraisal. In most cases the lender ends up buying the property back. Concluding the sale, the mortgage company will ask to "confirm" the sale. If the court determines all the proper steps were handled in the process, the Court will order a Sheriff's deed to the new owner. Within the next few weeks, if the homeowner hasn't moved already, the new owner can request a "writ of possession" to have the homeowner removed. In Ohio, unresponsive homeowners of the complaint can figure 8 months before the sale of the home. Knowing this timeline is crucial when planning how to deal with a problem property. If you don't know what to do, consult with a HUD counselor on what your available options.