Novice short sale and other real estate investors are often confused by the entire process; it’s not your fault! Foreclosure has never been simple but with the current backlog and other pressures, it’s become worse than ever.
Here to help is an easy to read foreclosure process timeline. It will help novice investors understand the different methods used to purchase short sale, pre-foreclosures and foreclosed properties.
- First month missed payment. This counts as day one for the bank but notice, the homeowner had 30 days just like normal to come up with a payment. They will always remain 30 days ahead of the bank schedule.
- Second missed mortgage payment…day 30 for the bank.
- Third missed mortgage payment…day 60 for the bank. The loan is now seriously delinquent.
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