Foreclosure Laws

Foreclosure is a process initiated by the mortgage company when the people who own the house and have not had been paying mortgages regularly. Any person who has been delinquent for two months consecutively is at a danger of facing foreclosure. When a mortgage company issues a foreclosure notice, it means that they have approached the court and filed papers for permission to put the house on the market and sell it to recover their money.

Timeline For Foreclosure

The exact time line for foreclosure cannot be determined in any case because it purely depends on the circumstances of the foreclosure. However, the foreclosure is a process that has to be carried out by the court. Right from the day of initiation, it takes at least three weeks for the court to complete the paper work. After which the court sends out a notice to the borrower and ask them to repay the amount within 45 to 60 days in order to avoid a foreclosure.