How long does a typicaly foreclosure take?
Question:
Answer:
3 months. ~
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.
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.
It really depends on state law, but there are four major events in the foreclosure process.
During the foreclosure, the lender's attorneys will be filing the paperwork with the county court that will show that the payments have not been made and the mortgage contract is in default. The court will grant the foreclosure and may give the homeowners some time to fix the situation.
If nothing is done, then the house will be scheduled with the county for a sheriff sale. This is when the home is auctioned off and the highest bidder becomes the new owner of the property.
The last process is the eviction process, during which the new owner will ask the court to grant them possession of the house, and the court will issue an order to the county sheriff to set up a time to remove everyone and everything from the property. This is the last step in the process and usually occurs within 3-4 weeks of the end of the rest of the foreclosure proceedings.
Some states also have a redemption period, a time in which the homeowners can refinance or sell the property, or pay back the arrears and reinstate the loan. This is an additional period of time that may be from 10 days to a year that gives the foreclosure victims extra time to try to save the home.
But all of these events are determined by the state foreclosure laws, and every state is different. That's why it's a good idea to research as much as possible about foreclosure before it's too late.
Good luck.
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