Most, if not all states, provide homeowners with a timeframe within which to cure their default. And of course, appearing in the foreclosure suit will result in additional time prior to the entry of judgment. Depending upon the facts, such as whether or not the lender really has the note and can prove the debt, this could be a significant period of time. Chances are, you can stay in your home for an extended period of time when foreclosure starts.
Most states provide the homeowner with some form of time to cure. In Wisconsin, for example, we call that timeframe a Right of Redemption period, and it will last from 6 to 12 months. People who simply assume they have to vacate the home lose out on the time they could have stayed in the home. And, during that time their situation might even change, such as a better job, an inheritance, or a possible refinance. An offer from the lender to modify the loan may even occur.
When you are struggling to make your mortgage payments and default on your loan, let us review your situation. Chances are, there are good options that you are not aware of. An attorney can help.