How long does it take for a foreclosure to be completed?
Posted by admin on 1 Jun 2008 10:41 pm. Filed under Renting & Real Estate.
Missy asked:
My last payment was Jan. 15; but it seems the clock started ticking when I missed my payment on Feb. 15.
My last payment was Jan. 15; but it seems the clock started ticking when I missed my payment on Feb. 15.
Chase and Countrywide (primary and HELOC lenders) are telling me that the foreclosure begins on May 15, the three-month mark, if I’m understanding them correctly.
But what I want to know is, when would the foreclosure be done with?
On June 3rd, 2008 at 11:47 am
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Here are a few of your options…
1. Re-Negotiate with the Current
Lender – Loan Modification
5. Declare Bankruptcy
2. Refinance the Property
6. Borrow Money from a Friend or Relative or…
3. List the Property with a
Real Estate Agent
7. Deed in Lieu Foreclosure
4. Sell the Property for
Cash, Short Sale – Walk Away
OUR SPECIALTY AND HIGHLY RECOMMENDED
8. Do Nothing; Allow the Property to
Go To Auction/Foreclose
WORSE OPTION – NOT RECOMMENDED
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On June 6th, 2008 at 9:44 am
Its done with when you go to court and pay all the legal fees.
On June 7th, 2008 at 12:11 pm
dont fall for these gimmicks of people that can help you, it depends on what state you are in, I answered your other post about your second and deed in lieu of foreclosure, if you have not made a payment since Jan 15th that was the payment to cover decembers interest so you are now approacdhing 120 days late, go to google and look for foreclosure in _______ your state here and see how long you have
On June 10th, 2008 at 8:07 am
Depends on what state you are in, what deed was used and if the foreclosure will be judicial or non-judicial.
Deeds of Trust are more common anymore & can be foreclosed upon non-juducially, thus avoiding the right of redemption period. The entire process can take as short as 90 days or as long as over a year, depending if there is a right of redemption period.
Check your state here: