Foreclosure

To help you understand the stages of foreclosure and the steps you can take to protect your assets, we offer the following timeline.


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We like to say that foreclosure is only for homeowners who don’t understand their options. But, there are some exceptions in which foreclosure is the best option. We will consult with you to look for the best option for your situation, to help you protect your assets and credit rating, to preserve your dignity and sense of well being, and to move forward in your life.

Collection Stage One

If you have equity in your home

  • Refinance, a first or second loan
  • Borrow money from family or friends
  • Borrow money from your 401K or retirement fund
  • Do not borrow money from your credit cards—this just puts you deeper in debt

If you have no equity in your home

  • Loan modification if you qualify
  • Short sale, if you are unable to qualify for a loan modification
  • Do not borrow money from your credit cards
  • Do not borrow from your 401K or retirement fund

Pre-foreclosure, Stage Two

Notice of Default (NOD), period is 90 days

Do not move out of your home.

Your options are the same as in stage one above.

Trustee Sale Posting Period, Stage Three

Notice of Trustee Sale (NOTS), period is 21 days—this is an emergency stage

Bankruptcy is the last minute solution.

Your options are the same as in stages one and two

If you are unable to qualify for a loan modification, we can submit a short sale package to your lender. This will give you more time to stay in your home while we negotiate with the lender. If the lender does not approve the short sale, the only option left is bankruptcy, which will also give you more time to stay in your home. But use it as your last resort. Bankruptcy is a legal decision—please consult with your attorney before making any legal decisions.

Auction Trustee Sale, Stage Four

You can still halt the auction by filing bankruptcy no later than 8 AM on the Trustee Sale (TS) date. Review Bankruptcy Law and Foreclosure Law and consult with an attorney before making any decisions.

We are here to help

Ildiko and Kate’s honest, hard and supportive work during the many months was incredible. This has brought me such peace of mind. Finally, I am able to breathe.”

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