Vermont Foreclosure Process

The Vermont foreclosure process occurs when a home owner fails to pay on the loan the lender gave them to buy the property. It is important to make your monthly payments on time or you will initiate the process of a foreclosure.

The first thing that happens in the Vermont foreclosure process is a notice of default is set forth. The notice of default will be sent out if you miss a monthly payment and if you are late on a monthly payment. Some lenders do not send this notice out until a couple of months have been missed. However, some lenders initiate the process of a foreclosure after a missed monthly payment of a couple of weeks. This means that a notice of default means your monthly payment is late and has not been received. It doesn’t mean the lender is taking your home from you and you cannot get caught up.

Never assume that the lender is taking your home. You need to talk to the lender about why you are late on your monthly payment or missed a monthly payment and find out what they can do to help you. The Vermont foreclosure process actually takes about 8 months. That gives you plenty of time to get a new job or find a way to get a loan to get caught up on your monthly payments. Some lenders won’t even make you get caught up with the monthly payments but will let you begin making them as if you never even missed a monthly payment. If you don’t talk to the lender you will never know.

Once the Vermont foreclosure process begins you can stop it by getting caught up. If you are too deep in the foreclosure by several months the missed monthly payments will reflect on your credit even if you get caught up. This may make it difficult to refinance your loan later.

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