How Long Does the Foreclosure Process Take?

So now the unfortunate has happened to you and you have no choice but to allow foreclosure proceedings to begin on your home. Now what? How long will this process take? When will you need to leave your home? We will examine the answers to those questions in our article.

It is important to note that each state; and perhaps even each county within a state, may have its own specific laws and procedures when it comes to foreclosures. You may want to check with your own local government regarding yours. However we are able to give you a general idea of what you can expect to happen. In the first place; if you have not yet reached this point (where your home is already in foreclosure,) you may have some wiggle room. Most lenders do not start the process until the home owner is three to six months behind on their payments. If you are approaching the brink of this time-frame there still may be other options for you besides foreclosure.

There are two basic types of foreclosure. The type in which your lender is pursuing your foreclosure can have an effect on the speed of the overall process. The most prevalent of these two types is the power of sale foreclosure. In this foreclosure method the mortgage lender typically holds the deed of trust to your home. When you default on your payments; he or she has the legal authority to sell your home. This is most often done at an auction. In this method of foreclosure the proceedings move rather quickly, forcing you to have to leave your home that much sooner.

The other kind of foreclosure method is the judicial foreclosure which is most frequently the required method in many states in the United States. This method mandates that a court oversee your foreclosure proceedings. The process that is necessary in order to obtain a judicial foreclosure is similar to that of an average civil lawsuit. This kind of a foreclosure can take at least a year; sometimes even longer, to complete. This can buy you some time; possibly allowing you to come up with the money to stop the foreclosure proceedings altogether. However it is infinitely better not to reach this point in the first place if you can avoid it.

As a very last resort you can elect to file for bankruptcy as this will put an immediate halt to any foreclosure proceedings. Depending on the kind of bankruptcy you choose; Chapter 13 for example, you would not be forced to leave your home and might even be able to catch up on those missing mortgage payments. The bad part is that you will now have the stigma that is often associated with bankruptcy on your hands. If you feel you can withstand that; bankruptcy may be a viable option for you. If you choose this method of halting your foreclosure proceedings, you probably should consult with your attorney first. He or she can best advise you of how to move forward with this.