How long does it takes for the bank to foreclosure a home?
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December 3rd, 2009 at 11:00 am
Foreclosure will probably start soon. Depending on the state, it can take a 1-3 months to foreclose.
Whatever the case, it’s not smart for your niece to be there. As soon as the home is taken over by the bank they will kick her out immediately.
December 4th, 2009 at 9:22 pm
Depending on the bank that is holding the note; she may have 3 months or 12 months.
Why doesn’t your sister try to be approved for a short sale? Firstly, it will prolong the foreclosure proceedings and allow your neice to live there. As well as if it gets sold, your sister won’t have a foreclosure on her credit to contend with.
But, worse case I would tell your niece not to unpack the knick knacks.
I am working with clients who haven’t made a payment since FEb 07 and are just now receiving the Notice of Default. Which ordinarily goes out after three months of nonpayment. Banks are just bogged down with the number of people who are in default right now. Paperwork is taking longer than usual..
December 5th, 2009 at 5:23 am
The honest truth is that the banks dont want your house, instead they would like to negotiate a price at which your sister can afford the payments or what will happen is that a Realtor will negotiate a price with the bank and if there is a buyer who qualifies then it becomes a short sale. There are currently over 4000 forclosures in California, trust me your sister can live in the house for at least another good 6 months before any action is taken. The process takes a while because like I said there are more then 4000 forclosures in California and 400,000 forclosures across the United States so relax cause the bank will do what ever they can to not for-close on your sisters house.
December 6th, 2009 at 7:12 pm
It depends on that state foreclosure laws to determine how long it will take the bank to start the foreclosure. Most will begin hiring attorneys and filing the paperwork after about 3-6 missed payments, depending on how well the homeowners keep in contact with the bank.
Since your sister hasn’t paid or talked to the bank in 3 months, they’ll probably start the foreclosure process soon. But that process can last anywhere from another 3 months to over a year, depending on the laws of the state. If the state has a redemption period after the sheriff sale, then your niece may be able to stay in the property for months after the foreclosure.
So what you should do is search online for the foreclosure state laws and find out exactly how much time is available during the foreclosure process. Without knowing the laws, you don’t know how much time you have.
Good luck.
ForeclosureFish