What Does "The Automatic Stay Has Been Lifted" Mean?
If you're facing foreclosure, you might hear your lender say that the "automatic stay has been lifted." But what does that mean?
When a homeowner falls behind on their mortgage payments, the first step in the foreclosure process is for the lender to file a notice of default. This starts the clock ticking on a 90-day window during which the borrower can catch up on their payments and avoid foreclosure.
However, if the borrower doesn't catch up on their payments within that 90-day window, the lender can file a notice of sale. This is when the "automatic stay" comes into effect.
The automatic stay is an injunction that temporarily halts all foreclosure proceedings. It gives borrowers a brief reprieve from foreclosure and allows them time to explore their options.
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