How long does it take to foreclose on a mortgage?

by oliver on September 30, 2010

Question:

How long does it take to foreclose on a mortgage?

Answer:

The length of time required to foreclose on a mortgage usually depends on your mortgage company or lender, as well as the state. Usually, if a homeowner or borrower misses his mortgage payments for 2 to 3 months, the foreclosure process will start.

It is usually signaled by the receipt of the homeowner of a notice of foreclosure. After receiving this notice, court hearings will be conducted and the court will decide whether the foreclosure process will push through or not. If the homeowner or borrower was not able to work out an agreement with his lender, the process will continue. The court will order a foreclosure sale, wherein the home is sold to the public through auction. The person who gives the highest bid will be the one who will take over the property. Once the a successful auction is finished, the house is said to be completely foreclosed on. If the previous owner is still staying at the property after the auction, the new owner or the lender may request for a eviction process. A notice of eviction will be given to the previous homeowner, ordering him to leave the property as soon as possible. However, if the auction was not successful, the lender will take the property back and sell it again on another scheduled date of auction.

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