(EMAILWIRE.COM, October 07, 2008 ) Las Vegas, NV - The foreclosure process is a somewhat long process, because of the legal steps that need to be taken in order for the bank to foreclose takes some time. Understanding the process will help the homeowner know what his or her options are and how best to proceed. The sooner you decide how to proceed, the better the homeowners credit and bank account will be.

So when does the foreclosure process begin? After missing two payments, a homeowner is considered to be in default, but the foreclosure process has not officially begun. The foreclosure process officially begins when a prosecuting attorney receives paperwork from a mortgage lender who wants to begin legal proceedings in orde to recover the house, due to non-payment. Foreclosure avoidance steps can still be taken, but at this point, the lender considers the homeowner too big of a risk, due to the evidence from the past several months. This step in the foreclosure process is not just a warning shot that it's time to start making payments; this is the beginning of a long and often difficult foreclosure process. The lender will still work with the homeowner, but at this point, he or she will need to come up with thousands of dollars in penalties and fees that they likely do not have. If they did, they likely would have made their payments and the lender knows this.

Once the attorney receives the paperwork, the foreclosure process commences with a filing with the county or city, reporting that the home is in default. This filing is public record, which means, anyone can go to the county or city recorders office, pull a "Notice of Default" list and go so far as to posting it on the web. This can result in public humiliation as a Google search could potentially advise acquaintances that the homeowner is undergoing the foreclosure process.

Once the lawsuit is filed, the bank will still attempt to contact the homeowner and set up a “remodification” on his or her loan. The homeowner should be very, very careful and educate him or herself when the lender makes this offer. The homeowner should keep in mind that the bank has already spent money to begin the foreclosure process and as an investment company, they do not spend money for no reason. Chances are that the bank is doing all that they can to get as much money as the homeowner before they foreclose. 85% of homeowners who agree to a loan remodification end up going through the foreclosure process, from the beginning, within a few months of the remodification, because the fact of the matter is that they cannot afford the mortgage payments and getting a do-over does not change this fact.
After a certain amount of time (each situation varies) the lender will set an auction date and will notify you of the date that your home will be auctioned off. The auction date is the date that the homeowner will need to have themselves and any belongings they would like to keep, out of the home, because it is no longer theirs.
Make no mistake about it, the foreclosure process is a legal action; a lawsuit for not paying as agreed. Do not let foreclosure happen to you. The ramifications will last your entire lifetime.

Your options become limited the further along in the foreclosure process you are, but if your auction date is not today, you can get can help!

Contact Information:
Las Vegas Properties
Dustin Olenslager
Tel: (702) 430-1637
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