How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?

by oliver on September 30, 2010

Question:

How long does the foreclosure process take from “Notice of Foreclosure” to your house going up for auction?

I live in Las Vegas. I just received a Foreclosure Intent notice by certified mail. How much longer can I stay in my house?

Answer:

The more commonly utilized foreclosure process is the non-judicial one, which does not involve the federal court and a lawyer. Once a Foreclosure Intent Notice is issued to you, you will be given approximately 35 days to cure the default and bring your mortgage payments current. If you want to keep your house, you should try to make ways and apply for opportunities that can help you bring your mortgage current. You can talk to your lender and request for a forebearance or a possible short sale. You can also search fore assistance with regards to refinancing and loan modification. If you intend to keep the house and was able to find a way, you must file a Notice of Intent to cure 15 days before the foreclosure sale. You should bring the loan current or have sold the property by noon, one day before the actual sale or auction.

If the borrower was able to cure the loan, then no acceleration of the foreclosure will occur. If no solution was made, a foreclosure sale or auction will take place. In the auction, the one who gives the highest bid will get the right or ownership over the house. If there are no higher bids on the property, the house will go back to the lender.

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