If My Home Goes Into Foreclosure How Long Appox. Will It Take For The Bank To Sell It?
December 3rd, 2009 - ByPosted in Stopping Foreclsoure
I live in BC Canada and there is a big chance that my house might go into foreclosure very soon if some money doesnt come through quick. I was wondering if anyone knows how long a foreclosure typically takes? Also if I paid back all the arears would I be able to stop the foreclosure even if it was already in progress?
2 Responses to “If My Home Goes Into Foreclosure How Long Appox. Will It Take For The Bank To Sell It?”
December 3rd, 2009 at 5:56 pm
That depends on a few things. If your bank has alot of foreclosures, then they might want to unload them as soon as possible. They may hang onto it or if they are partnered with any local real estate agencies, they may sell it to them. As far as you paying it back, you would have to talk to them and see what you can work out. Understand that if they do give you a sort of second chance to pay this, and your funding doesn’t come through, they probably won’t let you pay it once the house does go into foreclosure.
Really, you should be talking to your mortgage company about all this instead of getting people’s personal opinions. Our opinion isn’t going to help save your home. As a previous banker, I can tell you that lenders don’t tend to look to favorably on people that have had a previous foreclosure for future lending, so if another house is in your future, or you would like it to be, I would do pretty much anything I could to avoid this happening!
December 3rd, 2009 at 8:21 pm
very tough to know … could take as short as month/months to years. Depends on the Bank if you could get house back afterwards. Sorry for being so vauge but it truly is case by case, bank by bank.
The best thing to always do is call your lender and be honest. Tell them everything. They should be willing to help espectially in this market we are in.
try this out …
http://www.makinghomeaffordable.gov
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