There are a lot of steps that have to be fulfilled by the owner of any specific property before you are thrown out. In fact, you have quite a lot to do with the process.
Starting out - the first thing necessary is to stop making your payments. Once that happens, depending on the owner, you will have a Notice of Default(NOD) filed against you.
Typically, that is about a 90 day time-frame. However, in today's market, it's not super-unusual to see a NOD filing after 30 days passes - when the "owner" has not received a payment.
For purposes of this post. The Owner of a Property is typically a Bank. There may also be more than one bank. In the "height of the market", it was not unusual for multiple banks to lend money on a single property. This was known as 100% financing. Where most did not have the 20% down necessary to purchase a property without PMI(property mortgage insurance), banks loaned the 20% down to the buyers on the same property. It was not uncommon to have homes with even three loans on a single property - in a single borrowers name. The configurations were as follows:
Numbers referenced are percentages %.
-A Home Loan consisting of two loans - 80/20
-Home Loans consisting of three loans - 80/10/10
-Loans consisting of four loans - 80/10/5/5
The third was seen, but not very often.
Today, due to the economic strife of Real Estate - We are watching as a lot of homeowners, those that purchased their homes during the 7 years proceeding the "height of the market", are defaulting. The reasons are extremely personal and differ from borrower to borrower.
Your next Step - make sure you are getting the best advice possible when you are confronted with a failure to pay. Make sure your real estate professional is not only versed in Short Sales but versed in the Foreclosure Laws as well. You can get all of the answers you need by trusting in those that are present on the Internet with an established track record of helping people. Check out our Short Sale Website for Help
Two addition points. Make sure the professional real estate advisor is Local. Make sure they are within a "small radius" of where your home is located. Second, make sure you meet with them in person. Ensure they are who they state they are and are the actual "author" of the publications present on the world wide web. Click to see where the Paris911 Local is