Step 7: The foreclosing firm can actually sell your house at a foreclosure auction 45 days from the date that you were served with the ORDER TO DOCKET. Within this 45 day timeline, the foreclosing law firm would have advertised your home in a newspaper. The foreclosing law firm is required to publish, in a newspaper, a Notice of Sale for three successive weeks in the county where the action is pending. If you want to know the newspaper where it will be advertised or if you need to know where the foreclosing law firm is located, at any point during the sale, CALL THE FORECLSOING LAW FIRM AND ASK. See the section entitled "Foreclosing Law Firms" for a list of names and numbers.
At any point, and up to one business day before the foreclosure, you can reinstate your loan.
Reinstate means that you must pay the total amount owed plus any attorney fees and costs that the lender incurred as a result of your DEFAULT. To reinstate, you must pay every penny back that is in arrears. If you tender payment and it is one cent short, the lender can reject your payment and sell your home at auction. To avoid your house being sold, you should request reinstatement figures from the foreclosing law firm or lender as early as possible. Remember, when requesting reinstatement figures call and put the request in writing.
REINSTATMENT CAVEAT: While it is not required, many foreclosing law firms will allow the arrears to be paid on the same day of the sale so long as the sale has not occurred, payment is in certified funds for the exact amount owed and the amount is made payable to the proper party. If you have gathered enough funds at the last minute, call the foreclosing law firm to learn what its policy is on last minute reinstatements. To learn how to stop a foreclosure, see section entitled Stopping Foreclosure: Deek in Lieu of Foreclosure, Short Sale, Loan Modification, Reinstatement, and Bankruptcy.
Step 7: The Sale Date