What Are The Steps To A Foreclosure Process?

What Are The Steps To A Foreclosure Process?

Generally, prior to being served for the foreclosure action, a financial institution or lender will provide you with at least thirty (30) days (time to cure default) in the event that a resolution is not made within the said period in “curing” the default. The next step is the lender instituting foreclosure proceedings. Upon filing a foreclosure action in Court, the lender is required to “serve” a copy of the complaint with the summons upon each defendant, including the owner. The law generally allows for twenty (20) calendar days, or as stated in your summons, for the served defendant to file a responsive pleading.

In the event that a responsive pleading is not filed with the Court, the lender/plaintiff in a foreclosure action can seek a default final judgment by which a foreclosure sale will be set. A foreclosure sale is generally at least twenty (20) to thirty (30) days subsequent to the entry of the final judgment.

By filing a responsive pleading, you will allow yourself additional time in order to attempt to defend yourself and find a solution.