The foreclosure process will differ from one state to the next, however, there are five basic stages that make up the timeline.

1. The Foreclosure Process Will Differ from
One State to the Next, However, there Are
Five Basic Stages that Make Up the Timeline
FORECLOSURE
STAGES –
DAVID M. OFFEN
PHILADELPHIA BANKRUPTCY ATTORNEY
WHAT YOU NEED TO KNOW
STAGES

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The thought of going through the foreclosure process is not one that
anybody gets excited about. However, this is reality for thousands of
homeowners throughout the country every year.
Anybody who is faced with the prospect of foreclosure can learn more by
contacting their lender and asking the right questions, such as:
 Why are you moving forward with the foreclosure process on my
property?
 What stage of the process are you currently in?
 Is there anything I can do right now to put an end to this?
In other words, you need to be open and honest with your lender. This
allows them to see that you are serious about fixing your problem as
opposed to running away and hoping for the best.
The foreclosure process will differ from one state to the next, however,
there are five basic stages that make up the timeline.
MISSED MORTGAGE PAYMENTS
When you take out a loan to purchase a home, you agree to certain terms
and conditions. As long as you
continue to make your monthly
payment, in full and without delay,
your lender will be happy with you as

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a customer. If you miss a payment, you can expect your lender to notify
you of this without delay.
One missed payment will not result in foreclosure. When this becomes a
habit, such as several missed payments, your lender has no choice but to
step in and do what is best for them.
Note: if you know you are going to miss a mortgage payment, no matter
the reason, contact your lender to discuss your options. For instance, if you
have lost your job or are facing a serious illness, your lender may be willing
to work something out with you.
NOTICE OF FORECLOSURE
If you miss multiple payments and have not had discussions with your
lender about what to do next,
you can expect a notice of
intention to foreclose or a
foreclosure action to be filed
against you
This is also known as a notice
of default, but does not mean
your home is going to be
repossessed. What it does mean is that the lender is aware of what is
going on, and is proceeding to take action.

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In Pennsylvania the lender will typically notify you of what is happening. If
you are still living in the property, this makes it simple for you to realize
that you are facing a very serious situation.
PRE-FORECLOSURE
You can usually also put a stop to the foreclosure action by paying your
mortgage account completely up to date. Many times your lender will
refuse to take partial payments and will only agree to receive in full the
total amount which you are in default. You still have time to stop the
foreclosure process, but only if you step in now and make it known that
you are willing to do whatever it takes to save your property. You can try
to work out a repayment plan or a mortgage modification but this does not
necessarily stop the foreclosure action
Again - there are many things you can do to put a stop to a foreclosure
action and prevent the lender from moving forward:
 Make all back payments
 Change the terms of your loan
 Refinance your loan or get a
mortgage modification
During this stage, you may also want to
discuss the possibility of a short sale if
you are not interested in keeping the

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home. This is when the lender agrees to let you sell your home for less
than what you owe. They are going to take a loss on the transaction, but in
many cases it is better for the lender than a foreclosure.
With a short sale you are not staying in your home, but instead selling it as
a means of escaping your situation.
HOME AUCTION
As the name suggests, your home is auctioned off to the highest bidder
during this stage. When this happens, your home is gone for good as
somebody else is now the owner.
In Pennsylvania, you can stop a foreclosure action or a sheriff sale by
filing a bankruptcy prior to the sheriff sale.a right of redemption state, you
have until the final day to negotiate a deal with your lender. In other
words, don’t give up until your home is actually sold at auction.
POST-FORECLOSURE
If a Mortgage Foreclosure Sheriff Sale takes place in Pennsylvania, when
the hammer falls it is too legally too late to take action to save the home.
You can be forced out of your home. However, there are actions which
you can take which may possibly allow you to be able to take to stay in the
home. As with most situations, the earlier you act, the more you are able
to accomplish and the easier it is save your home. Your best step to take is

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action at an early stage so that you can discuss how best to save your
home.
To improve your chance of staying in your home, hire an attorney that
specializes in real estate foreclosures and bankruptcy. A legal professional
can protect your rights, guide you through the process, and help you do
whatever it takes to save your home.

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About the Author
David M. Offen
A native to the Philadelphia area, Mr. Offen attended Temple University College and Law
School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a
member of the Eastern District of Pennsylvania Bankruptcy Conference and the National
Association of Consumer Bankruptcy Attorneys.
David M. Offen has over 20 years of experience and has helped over 8,500 individuals and
families go through the Bankruptcy process. These filings have included stopping foreclosure on
a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank
accounts and putting a stop to; lawsuits, credit card bills, personal loan, bills, utility shutoffs
and other types of debt.
With Mr. Offen’s help, these families have saved countless millions of dollars of debt.
David enjoys getting to know his clients and will be happy to answer any and all questions you
may have. You are treated as a person and not a number.
Remember – there is no such thing as a silly question. Don’t be afraid to ask any questions you
may have. David M. Offen has found that people looking to file Bankruptcy are not trying to
avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting
people to stop worrying and making their financial lives much better and stop feeling
overwhelmed.
In some cases, Bankruptcy is not the best move and he can review your situation with you and
tell you the right move for you to make. Get a completely free evaluation of your situation. For
the past 20 years, the Law Offices of David M. Offen has been among the top filers of
bankruptcy in the Eastern District of Pennsylvania.
The Law Offices of David M. Offen
215-625-9600
www.getfreeofbills.com
The Curtis Center
601 Walnut Street, Suite 160 West – 1st Floor
Philadelphia, PA 19106