How long does the foreclosure process take?
Generally, the homeowner’s bank, mortgage company or lender does not file this law suite until the homeowner, the mortgagor, is 3-4 months behind in payments. Even after the law suite is filed, the lender will do their best to get the defaulted homeowner to make good on the loan. From the first filing, until the final judgment when the court orders the home to be auctioned on the courthouse steps typically takes just a few months. However, it is not unusual for complications such as bankruptcy or a death of one of the defaulted homeowners to drag this process out even longer. This is why it can sometimes be a year or more from the time you noticed a home abandoned until a “for sale” sign is posted on the property.
Each state governs the foreclosure process differently and it can take anywhere from a few weeks to many months, depending on the method of foreclosure your lender chooses to implement. At a minimum, the law requires that the borrower receive sufficient warning or notice before the foreclosure can take place. Other rights and responsibilities may be outlined in the mortgage or loan documents you signed when you purchased the home. Until the foreclosure sale occurs, you still have options. If a sale date for your house has been set, you should take action immediately. While it is possible to prevent foreclosure at any point prior to the sale, it becomes increasingly difficult as time passes.
