If you are 90 Days past due on your Mortgage, your Mortgage company will serve you with a Notice of Default letter. This is the first step in the Foreclosure process. It is posted on the front door or in a conspicuous place, and the Notice is filed at the County which is Public Record. The NOD will have an amount to bring the Mortgage out of Foreclosure, and a time period to do so which is typically 30 Days.
If you are working on a Loan Modification with the Mortgage Company and have made arrangements to repay you still may be in Foreclosure. The Mortgage Company will file a NOD, while still making arrangements with you. You are still technically in Foreclosure unless a Notice of Rescission of Notice of Default is filed. The Mortgage Company can keep you in Foreclosure as one of the terms of your repayment. If you are late or default on your Loan Modification, the Mortgage Company can File a Notice of Trustees Sale, and your home will go to Foreclosure Auction.
What do you do now?
Bring the Loan Current
If you have the funds to bring the loan current, then do so to avoid the very costly Step 2 in the Foreclosure which is the Notice of Sale. Attorneys fees will cost you thousands of dollars.
If you have fallen behind temporarily and just need a little time to catch back up and get back on your feet, then a Loan Modification is the best option. Be aware that you must keep the terms of the Modification or your Mortgage Company will Foreclose.
Sell your Home
If you have fallen behind and don't see how you can bring it current, and do not see yourself being in a position to keep paying a Mortgage, then Sell your home. Contact a Realtor immediately for your options. You may qualify for a Short Sale, or if you have Equity you can Sell your home for a Profit.
Do not let your home Foreclose.
Below are excellent resources to avoiding foreclosure