How long did YOUR foreclosure process take?

by oliver on September 30, 2010

Question:

How long did YOUR foreclosure process take?

I keep seeing how quickly it CAN happen, but from people I’ve spoken to, it’s taken longer. How long total, did you live in your house until you HAD to be out?

Answer:

Usually, the whole process begins when a borrower is behind his mortgage payments for a period of three months already. After three months of missed payments, the lender files for a foreclosure against the borrower. The borrower is given 90 days in order to prevent the foreclosure process by paying the total amount of debt. The foreclosure can also be settled if the borrower and lender works out and agreement or payment plan.

If the borrower was not able to make his payments current and if there was no agreement between the borrower and lender, a notice of sale will be issued. This notice is usually given 21 days prior to the actual schedule of the sale. The foreclosure sale is done thru auction so the highest bidder gets to own the property. After the auction, the ownership is also transferred to the new owner. And if the previous owner is still staying in the house after the auction, the new owner may file for an eviction process in order to legally remove the occupant from the property. In an over-all estimate, it would take at least 150 days or more before a borrower is legally removed from his foreclosed home.

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