When does it start?
Your mortgage company will start the foreclosure proceedings when you become delinquent in your mortgage.  These usually is about after 3 payments.    You will be notifed writing that you are in default.   The lender will then request a Sheriff's Sale, in which the property is sold at public auction at the court house.   A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, up to a few days before the property's sale at the Sheriff's sale.  Borrowers should do everything they can to avoid foreclosure because this will be the one of the most damaging things that can occur on your credit. 

How is My Credit Report Affected? 
Bankruptcies and foreclosures can remain on a credit report for 7 to to 10 years.  

Can I have my home sold for less than I owe? 
Yes, in some case you can sell your home for less than what you owe and this is called a SHORT SALE.  It depends on the bank or lender, the terms of the purchase agreement and yoru personal circumstances and financial situation.  In order to start the short sale process you need to hire Randa who has lots of experience in short sales.  She will price the property appropriately and get it market ready.  We should have an offer in the first 30-60 days.  You will need to supply her with documentation at the time your property is listed to support the short sale, and she will give you the list of what she needs.  (pay stubs, bank statements, tax returns, etc).  As the short sale moves through its cycle you will be asked to keep these documents updated.  Banks normally expect these documents within 24-48 hours or they will close a file if they don't have them so you don't want to jeopardize your short sale by not getting them to her.

Legal questions on foreclosures 

Don't let your property go into foreclosure - you can stop this process by hiring Randa to do a short sale and negotiate with your lender to accept an offer for less than you owe.   Call Randa today at 507-358-8861 to get an appointment and start the ball rolling to get your home SOLD before foreclosure.