The
Foreclosure Timeline
Lets begin with the steps the bank may take and what happens when
they hire the attorney. Below is a timeline once you are behind
(you can be 30 days or 6 months behind – different banks have
different policies):
Bank sends a notice demanding payment (usually a 30 day notice)
Then your
loan is handed over to an attorney.
Usually the
attorney sends you a demand letter with 30 days for you to bring
the loan current.
Depending on
your state will depend on what actions are taken next.
Either the
attorney will begin running the legal notice publication for 3 –
4 weeks announcing the foreclosure sale date, your mortgage date,
your mortgage recorded information at the courthouse, your name,
address or legal description.
Or
They will file
the foreclosure notice or lis pendens at the courthouse outlining
the date of sale.
Your state foreclosure laws will depend on how long you have from
the time of the publication till the actual sale. It can be as little
as 3 weeks and up to 9 months.
Finally, the
attorney will proceed with the foreclosure sale at the courthouse
steps on the date that was advertised. If no one shows up, the bank
will take the property back.
If there are
investors there, they will bid on the property and the highest bidder
will now own the property.
Now that the
bank or investor owns the property, you are considered a tenant.
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