how long does the foreclosure process normally takes?

I’m looking into buying a foreclosed house or possibly talk with a homeowner in the LA area who has a Notice of Default to take over the title and help them avoid Foreclosure. (Plus this is the only way it seems I can afford a place.) Does anyone know if there is incentive for someone to let their house foreclose? If not, why not make offers way below market value to NOD homes? I’m just trying to understand how the market works. Also, can you make offers on Foreclosed homes that would be considered by banks, or do they usually deal with specific REO banks and auction companies? Thanks.

Yes there is. You may contact the lender that is doing the foreclosure, tell them you have a vested interest in the property, and you need to know the amount that is owed to them to stop their foreclosure.
They might want proof so you might want to get a copy of your lien from a title company. Faxit to them as soon as possible.
Once you have this information, contact a foreclosure service in your locality, give them the information and they will foreclose on your behalf.
Some charge an up front fee and some don’t, so if you are short of funds you might shop around until you find one that take their fees out on the back end of the foreclosure. They will take over the foreclosure from the previous lender.
It does not matter unless you don’t have the funds because who ever pay for it will get it back if the owner bring the foreclosure current or the house is sold at the bid or sale.
If the house do not sale then you will have to come up with the monthly payment to the mortgage company as well as the foreclosure services fee, but the house is now yours.
I hope this has been of some use to you, good luck.
“FIGHT ON:

The only way to stop it is to pay the back mortgage and taxes and bring it up to date, or sell the house for more than you owe. Otherwise it will happen.

A bankrupsy only gives you a little more time. You can only stop the procedure by bringing your account current.

Yes you certainly can, but if you wait until the sale date is set, you might have to file chapter 13 bankruptcy to stop it. You will get a lot of answers here from sarcastic people saying “pay up your account”. But I realize that you wouldn’t be here asking this if you currently had the ability to get current on your mortgage payments. I feel bad for you and everyone else in your situation.
There are some things that you can do, and several options are available. You should check out this blog that was created by an expert in the field of foreclosure law to help consumers who are late on mortgage payments…….http://how2avoidforeclosure.blogspot.com
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I ve had the house for a year now. I dont have enough paid off to apply for an equity loan. I am going through a divorce which has been the main reason why i havent been able to pay the escrow on the property each month in addition to the loans.

Sure. I assume that the foreclosure sale hasn’t taken place yet. The first way to avoid a foreclosure is to talk to the bank. Most banks don’t want to foreclose, and will negotiate a forbearance or a new payment schedule if it is halfway reasonable and if they think you are willing and able to perform. Call the bank and offer to negotiate. Second, some states (e.g., California) have rules that allow you to cancel the foreclosure sale and reinstate the loan if you cure the default and pay the lender’s expenses at some time prior to the scheduled foreclosure sale. You did not say where you live, so I don’t know whether you live in a jurisdiction that has reinstatement rules. Call a lawyer on this one. Third, all states will cancel the foreclosure sale if you pay off the loan before the sale. This option is often unavailable, since you would not have defaulted if you had that kind of credit. I strongly recommend option #1.

Our house is in foreclosure I believe we have about 14 days left. We have no money. What if anything can we do to stop it?

Yes you certainly can, but if you wait until the sale date is set, you might have to file chapter 13 bankruptcy to stop it. You will get a lot of answers here from sarcastic people saying “pay up your account”. But I realize that you wouldn’t be here asking this if you currently had the ability to get current on your mortgage payments. I feel bad for you and everyone else in your situation.
There are some things that you can do, and several options are available. You should check out this blog that was created by an expert in the field of foreclosure law to help consumers who are late on mortgage payments…….http://how2avoidforeclosure.blogspot.com
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