The foreclosure process and the general timelines involved

[Jasz]

Foreclosure is a legal process that allows a lender to take possession of your property after you have fallen behind on the mortgage, or failed to meet other requirements. The process of foreclosure can be lengthy and complex. In some cases, it can take months or even years before the foreclosure sale is finalized.

Real estate owners who are about to file for foreclosure should avoid making any repairs or improvements that could delay the sale, as this can raise their costs and increase the amount of time it will take to sell the property. The sooner you get in touch with your lender after filing for foreclosure, the better off you'll be once it's complete.

The foreclosure process takes time because there are many steps involved, including:

Serving the foreclosure notice on your mortgage holder (the bank)

Serving another legal notice called a quitclaim deed to the foreclosure trustee (a third party who will handle all of your property as if it were his own).

Selling your house at auction

Purchasing an exemption certificate from the court clerk, which makes it impossible for you to be foreclosed upon again after the auction.

Getting rid of any personal belongings in your house that may be considered "redlining" by the lender (for example: things like family pictures, heirlooms, etc).

 

[Holicent]

Foreclosure is a process that can take several months to complete. The length of time varies depending on the circumstances, but it is generally not unusual to have a foreclosure sale set up within eight to 12 weeks of receiving a notice.

Even if the lender accepts your offer on the property and agrees to sell it at auction, there are still some steps left to go before you actually see money in your bank account or walk away with the keys to your dream home.

For example: Foreclosure is a process that can take several months to complete. The length of time varies depending on the circumstances, but it is generally not unusual to have a foreclosure sale set up within eight to 12 weeks of receiving a notice. Even if the lender accepts your offer on the property and agrees to sell it at auction, there are still some steps left to go before you actually see money in your bank account or walk away with the keys to your dream home. For example:

You'll need to wait for all pending repairs and maintenance issues in your loan contract — such as roof repairs — before closing so closing costs will be waived from then on out; You'll need proof of income and other necessary paperwork from yourself and all parties involved.