How Long Does Foreclosure Take?
First of all, most lenders will not begin foreclosure proceedings until a borrower is 3-6 months
behind on their payments.
Although missing a single payment is a default under the terms of
most loan documents, lenders have...
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How Long Does Foreclosure Take?
First of all, most lenders will not begin foreclosure proceedings until a borrower is 3-6 months
behind on their payments.
Although missing a single payment is a default under the terms of
most loan documents, lenders have neither the time nor the desire to foreclose on borrowers
who have missed one payment.
The process will be initiated when it becomes clear that the
debt can no longer be serviced.
This post deals with the timing of a foreclosure once your
lender has started the process and has instituted a foreclosure action against your property.
The speed with which a bank can foreclose on a borrower varies based on state law.
There are
basically two different types of jurisdictions for foreclosure purposes: power of sale
jurisdictions and judicial foreclosure jurisdictions.
In over half the states, the prevailing method
of foreclosure is non-judicial power of sale foreclosure.
What does this mean? If you have
entered into a deed of trust with
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