Foreclosure laws vary from state to state but here is some general information about foreclosure laws. When a person falls behind on their mortgage payments and they have defaulted on their debt, the bank may foreclose on their property.

The bank does this by filing a lawsuit in order to get a court order to foreclose. Once the court declares foreclosure on the property, they auction it off, with the highest bidder purchasing the property. There is a waiting period between the date of the lawsuit and the foreclosure sale, which is often between three and twelve months depending on the foreclosure law in the state.

They publish a foreclosure ad according to foreclosure law at least thirty days before the auction, once a week for up to three weeks. Before they place the first ad, the homeowner must receive a sheriffs notice of foreclosure sale. Immediately after the sale, the sheriff gives the title/deed to the new owner.

If you have fallen on hard times and missed some mortgage payments, there is still a chance to save your home especially if you have not received a foreclosure notice yet. Return all phone calls and answer any letters regarding your home. Go in and talk to the lender or bank. Often they would much rather work with you instead of foreclosing on your property.

Hiring an attorney familiar with foreclosure law is often a wise move as they can not only act as intermediary at this very stressful time and protect your rights but also work with you on saving your home from foreclosure.

You may be able to pay some of the missed payments and/or set up new monthly payments. At times, the bank will even allow you to refinance to reduce your monthly payments. As mentioned earlier, banks really do not want to foreclose on a home if they do not have to. Ask questions, seek help on foreclosure law and be aggressive about keeping your home.