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.
The notice and the time taken for paper work take nearly three months. After which the court summons the borrower to appear in the court for discussing the case. In case the borrower turns up at the court the proceedings are discussed and the foreclosure may be halted. In case the borrower does not show up at the court then the court orders a direct foreclosure and auctioning of the house. Until now the time taken can be noted as the pre-foreclosure period. Over all the pre-foreclosure period can last up to 12 weeks.\
After the auction has been determined by the court, the lender has to advertise the foreclosure in public places and also through newspaper advertisements for three weeks. That is the advertisement has to appear at least three times in a paper. A notice of foreclosure and auction is also displayed on the property for people to know. After the three weeks advertisement period, the auction is carried out for the sale of the house on the advertised date.
More Articles :
|
.gif){kind=spacer}
