Montana Foreclosure Process

The Montana foreclosure process is initiated by the banks when borrowers fail to make their monthly payments on their mortgage. The time frame this takes can be several months to a year depending on the value of the home and the lender. If you have missed a payment then you should talk to the bank about what you can do.

The first thing a lender is going to do when you miss a payment or two on your home is file a notice of default that announces you have missed payments and defaulted on your loan. The foreclosure process has begun at this point but it doesn’t mean that you are for sure losing your home. This is standard procedure the bank has to do to start the process. Even if you speak to the bank and work out a deal with them and it hasn’t been finalized, they will still file this notice. This is public information and it is embarrassing. The notice of default is usually filed after the first or second payment is missed.

If you continue to miss payments on the mortgage without regard to the notices the bank sends to you then the lender will file for an intent to sell and this will be posted at your home. The intent to sell will include a set date when the auction will take place, the address or location of the auction, and the anticipated starting bid price the home will go for. The auction is usually set 6 to 9 months after the first missed payment and you will know exactly which date this is set for. You will have prior notice to move out of the home and you will have plenty of time to save your home from being sold at an auction if you want to.

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