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I have recently been checking into condo's in Destin, FL. How long does the foreclosure process usually take?
Wiki User
∙ 12y ago
A foreclosure can take weeks up to months to be completed. Applications have to be filled out and then processed by a bank. If you have good credit and a reasonable down payment, a transaction can be processed even faster.
Wiki User
∙ 12y ago
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The Bank Foreclosure Process: What to Expect?
Falling behind on your house payments can be a very scary thing, especially if you don’t know what to expect during the bank foreclosure process. The details may differ from state to state, but the basic process is the same pretty much everywhere. Here is a brief overview of the basic steps that the foreclosure process takes. The foreclosure process usually starts with the homeowner being served with a foreclosure notice. Depending on where you live, the notice can be sent in the mail, published in the newspaper or tacked to the door of the house. The amount of time that passes between when you fall behind on your payments to when you are served with the foreclosure notice mostly depends on your lender. However, in some states the mortgage must be in arrears for a certain amount of time before the lender starts the process. Once you receive the foreclosure notice, it is usually very difficult to work out payment arrangements with the lender. However, it may still be possible. At this point, they usually want the loan paid off in full in order to stop the foreclosure. There is usually a waiting period after the foreclosure notice is served to allow the borrower a chance to pay off the debt before the house is sold. The waiting period varies from one state to another but it is usually just a few weeks so don’t waste time if you want to try to save your home. The next step in the bank foreclosure process is the sale of the home. This is usually done by auction, either at the courthouse or in front of the home. The bank usually sets a minimum bid equal to the amount that was owed, plus legal costs that have been incurred up to that point. The winner of the auction (or the bank, if no one bids) assumes ownership of the home following the redemption period, if there is one. In many states, homeowners are given a chance to redeem their properties following the sale. The redemption period is often a few months, during which time the borrower can reclaim ownership of the home if they repay the full amount owed, plus legal costs and any costs incurred by the lender in preparing for the auction. This is the last step in the bank foreclosure process and the homeowner’s last chance to save the home from foreclosure.
What is the process called that scientist use for checking each others work?
It is usually referred to as 'peer review'.
When does a bank issue a foreclosure notice?
Usually after 3 months of not making payments on your mortgage or rent, you will get a foreclosure notice. If you are renting its usually sooner.
What is the difference between pre foreclosure and foreclosure?
Pre-foreclosures occur when homeowners are in arrears on their mortgage payments. The pre-foreclosure period is, in effect, a grace period warning a homeowner that foreclosure is the next step if the mortgage is not caught up.Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.
Do I have to pay to see foreclosure auction listings?
Not usually. Most local governments have foreclosure sale listings on their websites.
Foreclosure - when is earliest point it can happen?
A foreclosure can happen according to the contract that you signed. It is usually only after 3 or 4 months of no payment that a bank or mortgage company will begin to think about foreclosure.
Who conducts the foreclosure sale?
State laws vary but the foreclosure sale is usually conducted by a licensed auctioneer chosen by the lender.
How long is your credit affected after a foreclosure?
Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.
What does foreclosure mean?
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.Foreclosure means that you didn't keep your end of the bargain to pay back a loan and the loan holder is in the process of taking the car or house back.
How long can a judgment of foreclosure take?
My own opinion... usually 3 months (90 days). However, is it Constiutional to deprive you of property without due process? Due process involves both parties before a court, doesn't it? Again, my opinion only.
Understanding The Foreclosure Process?
When it comes to the foreclosure process, many people find themselves in a state of confusion. This is to be expected, especially for those who have never been through foreclosure before. Add to this experience high emotions and a lot of personal stress and you will find that it can be unbearable at times. Doing what you can to understand the foreclosure process will help you to get through this, and possibly even buy you some time to recover your home.Moment Of DefaultOne of the first letters that probably caught your attention was that breech of contract letter. This letter usually comes once the mortgage payments are more than 3 payments past due, although this can happen before or after this depending on the loan company and the loan product itself. This letter will state that you have 30 days to bring the account current or your account will be turned over to the foreclosure department. Most people get scared at this point and run. They do not have the money and they assume that foreclosure department means that in 30 days they will have lost the home. It is not that cut and dry.Things To TryThere are options that can save your home from the foreclosure process such as repayment plans or loan modifications. You will have to make sure that you are in contact with your mortgage company in order to have such things worked out. It may be a difficult process to go through, but if you stick with it, you may be able to come out better on the other side for it.Foreclosure BeginsEven once the foreclosure process begins, you must remember that it is a process and it is not something that can be completed overnight. As for how long the actual foreclosure process is from start to finish, it will vary from state to state. The mortgage company must compile all of their files and present their case to the courts, who must give them permission to continue with the foreclosure.AuctionThe last part of the foreclosure process is that of the auction. Home owners have up until the auction, and generally up until an hour before the auction, to pay the total amount past due. The total amount past due will include attorney fees and costs at this point.
What is the meaning of foreclosure?
Foreclosure is a process whereby a party (usually a bank) enforces a security interest (such as a mortgage or a lien) over the debtor's property. The most common type of foreclosure is where a bank forecloses on the family home because the family fails to keep up payments on the mortgage. The exact legal meaning varies between countries: in the US, it usually means any kind of enforcement, including selling the property. In the UK, it means a very specific type of enforcement whereby the bank takes title in exchange for releasing the debt. Foreclosure is often used loosely in commercial terms to types of enforcement which are not strictly speaking legal foreclosure at all - for example, where a financier terminates a hire purchase contract.
