Average 3 to 4 months, but some people …
September 10th, 2010 - ByPosted in
Comment posted How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure? by daddeo01.
Average 3 to 4 months, but some people are 6 months past due.
daddeo01 also commented
- Usually about 6 months
- will i lost a house due to forclosure it take about for month and it will take about three month that untill thy want you out
- The foreclosure process normally takes 4-6 months depending upon various factors. For more information just check http://foreclosureworkouts.info
- it depends on the state. different states have different laws as far as how long lenders have to wait before lis pendens and foreclosure proceedings.
there is a special court that gets involved as well and sometimes the court can intervene to mediate and avoid foreclosure. some states have more protections built into this process as well - It varies by your willingness, the state your’re in and the loan you are working with. If you are willing to “walk away” from a house but do not have a buyer, then a foreclosure is probably a 3 – 4 month activity.
If you have a potential buyer but it’s below what youw but still reasonably fair (the banker determines market value, but assume its “in the range”), it would be less than 3 months (about the normal time of closuing plus about 2 – 3 weeks).
If you are unwilling to leave and want to fight it… it could take 6 – 12 months or more depending onthe housing laws of the states. Also, some states have put a moratorium on foreclosures so that banks can’t do them, which means they could only likely do a compromise sell.
Hope that helps.
Recent comments by daddeo01
- What Does Pld: Notice Of Filing Commitment For Owners Policy Of Title Insurance Mean In A Foreclosure Docket?
Sounds like they have a buyer and are working on the title insurance and the committment it needs to be issued. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Your property manager is obviously not licensed because they do not know what they are talking about!!
Even if the house is in foreclosure, you still MUST legally pay the rent! You must pay until the day you move out or the day the owner no longer owns it.
You can check local court records to see if anything has been filed, but that is all you can access. The lender will not talk to you. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Legally you need to pay the rent. Your property manager needs to be in jail.
The bank that takes over your house will tell you when they have possession, at which time you stop paying rent and move out.
Being “in foreclosure” doesn’t mean much, and there is no action you need to take at this time.
You will have to ask the owners what is going on, the bank will not tell you the status, it is not any of your business. - Short Sale Vs. Foreclosure?
Pretty much. And are you aware that the lender can file a 1099 form with the IRS showing you received the difference in the sale price and mortgage balance of taxable debt-forgiveness income? - Short Sale Vs. Foreclosure?
It will be much better than a short sale on your credit. There may be some remaining money problems because of how the shortage will be treated by the mortgage company, but the shortage would be much more dramatic and treated just as bad or worse in the case of a foreclosure.
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7 Responses to “Average 3 to 4 months, but some people …”
February 28th, 2010 at 4:35 pm
From a non-government related loan after about 3 months of non-payment you will get a notice of intent to accelerate or similar.
From a Fannie Mae or Freddie Mac related loan about 4 to 6 months you will get a notice of intent to accelerate or similar.
From a VA lender it will be about 6 to 8 months that you will get a notice of intent to accelerate or similar.
About 30 days after that, if you do nothing, your loan will be accelerated and all your debt will be due, now. You may get a letter titled something like “NOTICE OF ACCELERATION” and at the same time or a few days later a notice to foreclose or notice of foreclosure sale, or similar.
You will get a notice of foreclosure even if there is a moratorium, voluntary or state enforced. This only means that they will not actually foreclose unless the laws, policies or economy changes. Then they will foreclose quickly because they already sent to you a notice of foreclosure and honored the waiting time period to actually foreclose.
So do something like:
1) talk to the lender and ask for a workout, a short sale, or for any kind of help that you need;
2) talk to a knowledgeable Real Estate Agent (this is important);
3) talk to a lawyer.
Oh, I forgot. You can also sell your house cheap to me for all cash and I’ll pay off the loan. — Just joking about you selling me the house!
You know what I mean, about everything else though, right?
February 28th, 2010 at 10:42 pm
It varies by your willingness, the state your’re in and the loan you are working with. If you are willing to “walk away” from a house but do not have a buyer, then a foreclosure is probably a 3 – 4 month activity.
If you have a potential buyer but it’s below what youw but still reasonably fair (the banker determines market value, but assume its “in the range”), it would be less than 3 months (about the normal time of closuing plus about 2 – 3 weeks).
If you are unwilling to leave and want to fight it… it could take 6 – 12 months or more depending onthe housing laws of the states. Also, some states have put a moratorium on foreclosures so that banks can’t do them, which means they could only likely do a compromise sell.
Hope that helps.
February 28th, 2010 at 10:58 pm
it depends on the state. different states have different laws as far as how long lenders have to wait before lis pendens and foreclosure proceedings.
there is a special court that gets involved as well and sometimes the court can intervene to mediate and avoid foreclosure. some states have more protections built into this process as well
March 1st, 2010 at 5:44 am
The foreclosure process normally takes 4-6 months depending upon various factors. For more information just check http://foreclosureworkouts.info
March 1st, 2010 at 6:21 am
will i lost a house due to forclosure it take about for month and it will take about three month that untill thy want you out
March 1st, 2010 at 12:06 pm
Usually about 6 months
March 1st, 2010 at 1:14 pm
Average 3 to 4 months, but some people are 6 months past due.