How many days in the foreclosure process?

by oliver on September 30, 2010

Question:

How many days in the foreclosure process?

Do the amount of days in the foreclosure process include holidays and weekends?

Answer:

Every lender actually has his own procedure as to when he will file a foreclosure against a borrower who has defaulted on his mortgage payments. Most of the time, lender file a foreclosure after the borrower has missed 3 consevutive mortgage payments. A lender may also file a foreclosure after one missed payment however, it only occurs rarely.

Most of the time, lenders want to take the foreclosure process on a non-judicial course. This means that the case will not be handled by the federal court and no lawyers are involved. Firstly, you will receive a notice of foreclosure, reminding you that the foreclosure process will begin. Once you receive the notice, you will be given 90 days in order to make your payments current. During this period, you may also talk to your lender as well as the other institutions such as the HUD to seek assistance. You can apply for refinancing or loan modification in order to prevent the foreclosure process. If no solution was made after the 90 day period, a notice of sale will be issued telling that your house will be sold in the market thru an auction. Normally, the process of foreclosure involves working days. Sometimes though, the only day which is not utilized in the process of foreclosure is Sunday. You can check your local county office to check the schedule.

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