Before the foreclosure process can begin, the borrower must be at least 60 days late on payments. The lender usually sends the borrower two letters before starting the foreclosure. These letters notify the borrower of the impending foreclosure and give the borrower options to prevent the foreclosure. The owner has a period of 2-4 months to find a way to prevent the foreclosure before the lender takes further action.
If the borrower does not find a way to prevent the foreclosure, the lender files suit against the borrower for the amount due. The borrower is notified of the foreclosure action in person or by publication and mailing if necessary. After the borrower is notified of the foreclosure action, they have about one month to respond before the court directs the property to be sold to recover the amount due.
The borrower can still prevent the sale at any time up to one hour before the sale by paying the full amount owed.
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Notice of Sale / Auction
At least 30 days prior to the sale, the county sheriff gives notice of the sale by putting a handbill on the property as well as delivering a copy of the notice to the borrower. The sale is advertised at least once a week for three consecutive weeks in both a local general-interest newspaper and a local legal newspaper.
The sale is a public auction overseen by the county sheriff and takes place 1-2 months following the court’s order. The property is sold to the highest bidder and the sheriff completes the necessary documents to transfer ownership. The sale may be postponed once up to 100 days by announcement at the sale. The court must approve any further postponements.
There is no right of redemption for borrowers following the sale.