How many months without payment before Foreclosure ? then how many months after foreclosure until evicted?
I live in a house where it might be facing foreclosure. I live with my uncle and his brother handle the finances. His brother is a liar and all the sudden says we are 4 months behind in payment and its going to be in foreclosure soon and after that it will be 30 days until evicted. Is that true?
Each lender has it own foreclosure policy. Some lenders will foreclose immediatly after mising one single payment, while others will allow anywhere from 6-12 months before starting the foreclosure procedure.
They will send letters after letters seeking to find a way of bringing your mortgage current. Some will even call and see if there are ways for you to re-instate your mortgage.
The government loans might take awhile for the foreclosure procedure to take place also. These are your Va and FHA loans underwritten by the federal government. You also have some states that underwrite loans.
In a non-judicial state when ever the lender decide to start foreclosure procedures they will finally write a letter informing the borrower of this fact.
The foreclosure notice is filed with the county court’s recorder’s office where the property is located. Several copies are sent to the borrower or placed on the property.
From the time this notice is recorded the borrower then have 90 days to bring the mortgage current or refinance the mortgage.
Once this 90 day period is over the lender then decides when to send "The Notice of Sale". This is also recorded at the county recorder’s office.
From the filing date the borrowers then have 20 days to complete a refinance or get out of foreclosure. The lender might refinane, but normally will not.
The sale is conducted on or after the 20th day.
Depending on what happen at the sale you will be notified of the new owner or someone from the lender will contact you to set up a date for you to move out of the property.
If the lender decide to use the judicial procedure then you will be given a court date to appear. The judge will outline the procedures to you but they will follow what your state has outlined. I am pretty sure you will have 90 days or more before you will be required to move.
I hope this has been of some use to you, good luck.
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