How long does the foreclosure process take?

by oliver on September 30, 2010

Question:

How long does the foreclosure process take?

How much time to you have to leave the house, once in foreclosure or default?

Answer:

The process of foreclosure depends on each and every state. However, an uncontested foreclosure case would take 90 to 100 days to complete. After receiving the Notice of Default, the borrower is given time to make his mortgage current. The borrower can apply for a loan modification or refinancing in order to avoid the foreclosure process. In addition to this, the borrower can also talk to the lender and ask for an agreement such as forebearance, short sale or any other agreement that would settle the borrower’s financial burden, make up for the mortgage payment and stop the foreclosure. If no agreement was made, then a notice of foreclosure sale will be issued, which is usually given 21 days before the actual date of sale.

If the borrower was not able to make the mortgage current, the sale will push thru and the property will be sold to the public thru auction. In the sale, the one who gives the highest bid will take over the rights of ownership over the house. If the previous owner is still staying in the house after the auction, the new owner may file for an eviction process, ordering the previous owner to leave the property as soon as possible.

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