Foreclosure Process The typical foreclosure lawsuit takes about 7 months after you have stopped paying for a couple months. The next letter you should get in the mail will be from the court informing you that a lawsuit was filed and usually giving you 30 days to respond by mail. It is a good idea to send a letter explaining your situation and what you plan to do, this sometimes can delay the filing of the default judgment (amount of money you owe the bank). If no response is given the mortgage company will file for a default judgment and the court will order the appraisal and sale of your property. Over the next three months an appraisal will be conducted and the sheriff’s department will set the sale date. The sale date is advertized in the newspaper and the sale is conducted at the local courthouse. This is called the sheriff’s sale. At the sheriff’s sale, your property will be offered for sale. The process itself varies from county to county and you should become familiar with the rules of each county by accessing your county’s website. The sale is an auction type sale; generally, with a starting bid submitted by the mortgage company that holds the judgment. After the sheriff’s sale the new owners will be issued a deed to the property. The bank sometimes will acquire the property back and this is then called lender/bank owned property. The bank/lender may have a representative or a real estate agent knock on your door to negotiate cash for keys. You agree to give the lender/bank the keys to the house and you move out in a certain time period. (Usually 2 weeks or less). This saves the lender/bank time, headaches and money trying to evict you. If this does not happen, the sheriff’s department will give you a notice of ten (10) days to move. If you are not out in ten day the sheriff’s department will enter your property and place all your belongings on the curb. Do not let foreclosure happen; contact us and we will help stop foreclosure and beat repo! |
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