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Will Foreclosures Increase in 2022 and What is the Process?

What Is the Current Foreclosure Process?

Once you miss a payment you will initially receive a Letter to Cure which gives the borrower 35 days to cure their loan before a Notice of Default is filed.  After the Notice of Default is filed you have an additional 30 days to Petition Mediation.  Once that is received the mediator has up to 90 days to set a mediation date.  Assuming that these time frames drag on and get extended, the foreclosure process could easily get extended up to a year.  If they know the system, they may be able to stay in the property for years.

As compared to the past two years it appears that  foreclosures will increase in 2022 as various forbearance programs come to an end.  Even though people have equity in their property many times that equity is pushed aside in order to avoid any additional emotional trauma they may be going through due to a break-up. Another factor is inflation.  Even though people have been able to make their payments, now with rampant inflation many have to decide between staples such as fuel and food against making their mortgage payment.


Bankruptcy can be a choice when not only are you underwater on your mortgage, but you’re drowning in many other avenues of debt as well.  The only thing that bankruptcy won’t cure is inflation.  That is something that won’t go away through the courts.  Fortunately, bankruptcy is not the end of life.  Once you go bankrupt you can still get credit, buy cars etc.  The reason being is that you can’t go bankrupt again for seven years.  So, there is a safe period for creditors.  If you have a trade in and want a new car with a 60 month loan, you probably will still be able to get that new car.

Going to Court

It’s rare that playing the heart card in court, especially if you’re a defendant, is going to work in your favor.  Usually, it backfires.  Judges have seen it all and don’t appreciate the drama.  Frequently a tenant who is behind in rent will drag their 3 crying kids into court in an obvious attempt to pull at the judge’s emotions.  More often than not this actually nudges the judge in the opposite direction because they instantly realize that the tenant is attempting to manipulate them.

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Mold, Mold, Everywhere Some Mold

Mold is inside our homes and everywhere outside.  It is frequently on the food we buy and consume. There are hundreds of