What can I expect to happen if my home goes into foreclosure? 2 Answers as of August 11, 2011My husband had lung cancer. He got behind on a modification program (August will be the third month)problem. He is a husband on SS now and already worked his required 14000.00 year. I am on disability (SS) so the income will only be 1700.00 month. Total bills with home payment 1500.00. Do we need to get a hold of the bank about not being able to make payment if we move will we be deserting the home and what could happen? I know the foreclose with modification goes on so if we default it will go on. Just confused, also are you going to be reliable for the remaining balance of the mortgage after it goes through auction?
The Law Offices of Mark Wm. Hofgard, Esq. | Mark Hofgard
The basic time line for foreclosure is this: The lender sends a letter giving you 30 days to cure all defaults. The lender then accelerates the loan, and declares all amounts due and owing. A Notice of Election and Demand is filed with the Clerk and Recorder. The lender files for a sale with the Public Trustee, and the property is advertised for sale. The sale date must be between 110 and 125 days from the Notice of Election and Demand. The lender must obtain an Order Authorizing Sale from the District Court - there are a few defenses that may be presented here, but a Verified Response must be filed at least 5 days prior to the hearing. The sale is held. Modification of the original loan terms and acceptance of modified payments by the lender may change things. However, if you have not kept up with the modification agreement, you need to try and get the lender to put it back on track.
Answer Applies to: Colorado