In many cases, homeowners, for one reason or another, are unable to save their homes or find a solution that will stop foreclosure. Unfortunately, many simply wait until the last minute, hoping against hope that a mortgage broker will come up with a new foreclosure loan, only to be left hanging at the end with nothing more than a rejection. In such cases, lenders may be unwilling to continue to postpone a foreclosure sale, and foreclosure victims may find they must find a new place to live. However, the time it takes to evict and state foreclosure laws will determine what homeowners should do next in planning for their lives after foreclosure.
Generally, the bank will not start the foreclosure process until homeowners are 3-6 months behind on their payments. They can start as soon as the loan is delinquent (31 days late), but most lenders will give their customers time to catch up and give them the benefit of the doubt, rather than start foreclosure on immediate. Mortgage companies know that some people only have a one-month or short-term financial hardship that causes them to fall behind for a short period, but then they can quickly bounce back and start paying their mortgage on time again and avoid foreclosure altogether. .
Also, if homeowners are working with the bank on a payment plan or mortgage modification, the lender will be much more willing to put off filing the foreclosure for a few more months. Once the foreclosure begins, costs increase, so they may be willing to qualify homeowners for a training program before things get out of hand. However, even without the actual filing of the foreclosure lawsuit, late fees and interest will start to add up, so it is in the best interest of homeowners to start saving as much money as possible once the foreclosure lawsuit is filed. late, as well as communicate with the lender. for options to stop foreclosure.
The time frame for the actual foreclosure process will vary from state to state, once the paperwork is filed. The house will be sold at judicial auction and then the redemption period will begin, if one is offered in the state in which the property is located. For example, some states do not have a redemption period, while others have a one-year redemption period under state foreclosure laws for homeowners to remain in the property and find some way to salvage it. The redemption amount can be refinanced, sold or paid in full while the foreclosure victims continue to live in the property during the redemption period.
However, after the end of the redemption, the eviction process will begin. Eviction can usually take 2-4 weeks depending on how quickly the lender starts the process and how quickly the sheriff gets to the property and does the actual physical eviction. However, once that happens, the owners will go outside and the locks will be changed. It’s better to be out at this point than to be evicted, of course, but it’s also better to find a solution before things get to this point.
The time frame for the foreclosure and eviction process varies greatly from state to state. Some even have the redemption period before the sheriff sale, while most others have a redemption period after the sale. That’s why it’s important for homeowners to get the necessary information about foreclosure to understand how foreclosure works and how long they will have to develop a plan designed to stop foreclosure. One of the best places to start your research is your state foreclosure laws, and the best time to start your research is as soon as possible. Waiting too long to learn how foreclosure works and then not putting together a plan to save the house is almost a sure way to end up homeless and evicted.
