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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