You will find from this stage on the bank will not accept monthly payments. They will instead demand much more to reinstate the loan. Although I consider this step in the pre foreclosure category, once demand has been made and the note has been accelerated you should already have contacted an attorney who is an expert in dealing with these matters. No payments or arrangements acceptable to the bank are made. Formal Legal Foreclosure Process Bank sends by sheriff or by certified mail Notice of Intent to Foreclose.
Bank begins action in the court system to foreclose.
No payment or settlement arrangements are made with the lender. Notice and waiting periods expire. Court holds hearing regarding banks claim. Court issues order allowing bank to foreclose. Legal notice of actual foreclosure sale and advertisements published in local papers.