My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?
3 Comments to “How long does a typicaly foreclosure take?”
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Miss V said:
On February 24th, 2008 at 12:26 pm
It could be up to 6 months, depending on whether the foreclosure is being handled by the local tax authorities or the lender. If it’s a HUD foreclosure, time will be alloted for the house to be seen by a contractor for winterization (turning off water, other utilities, removing extremely unusable carpet).
This is after conducting a title search. If the local tax authority is foreclosing, there may be a bidding process, where a bid is won, however, additional time is given if the bid is upset within a predetermined time (10 days).
No one has to leave, however, until law enforcement comes with an eviction order, which must be obtained by a court of law. Then there are a set number of days in which all parties must leave before a padlock is placed on the door.
Heinz M said:
On February 25th, 2008 at 9:52 pm
3 months. ~
ROBERT M said:
On February 27th, 2008 at 4:51 am
a “typical foreclosure takes 90 days and is the most common stipulation in regard to foreclosure. You can request another time frame for closing in your contract but if not having done so already, you can be safe in assuming a 90 day time frame.
On February 24th, 2008 at 12:26 pm
It could be up to 6 months, depending on whether the foreclosure is being handled by the local tax authorities or the lender. If it’s a HUD foreclosure, time will be alloted for the house to be seen by a contractor for winterization (turning off water, other utilities, removing extremely unusable carpet).
This is after conducting a title search. If the local tax authority is foreclosing, there may be a bidding process, where a bid is won, however, additional time is given if the bid is upset within a predetermined time (10 days).
No one has to leave, however, until law enforcement comes with an eviction order, which must be obtained by a court of law. Then there are a set number of days in which all parties must leave before a padlock is placed on the door.
On February 25th, 2008 at 9:52 pm
3 months. ~
On February 27th, 2008 at 4:51 am
a “typical foreclosure takes 90 days and is the most common stipulation in regard to foreclosure. You can request another time frame for closing in your contract but if not having done so already, you can be safe in assuming a 90 day time frame.