how long does foreclosure take after being served papers
Foreclosure can be very stressful for the homeowner, their family and friends and can cause an enormous amount of anxiety and frustration. Often, the home owner will have to worry about how long does foreclosure take after being served papers because this can determine the type of action the bank takes next. In order for a homeowner to know how long does foreclosure take after being served papers, it is vital that they are able to understand the entire process and not just the details that surround the foreclosure. In this article we will discuss the foreclosure process and how foreclosure occurs.
how long does foreclosure take after being served papers? here Are The steps in order
The first step in the entire foreclosure process is when the homeowner receives a notice of foreclosure from the mortgage company. It is not always the case that the notice of foreclosure is directly sent to the home owner because the title to the home can be transferred before it gets to the banks. If the notice of foreclosure is sent to the owner’s address, the first step of the foreclosure process is to send a letter to the owner’s request that they stop the foreclosure sale on the property. It is important to remember that if the homeowner fails to stop the sale, the bank will have no other option but to file a lawsuit against them to recover the outstanding debt. In some states there are laws that allow for the home owners to pay back a percentage of the loan balance (equity) after a specific amount of time (one year) has elapsed following the notice of foreclosure sale.
After the courts accept the argument by both sides, the auction will begin. At this point in time the auctioneer will go to work to find the property that is up for auction. The foreclosure auction process can take up to two weeks, so it is important to be aware of the schedule and get as much information as possible before the scheduled auction date. Many times homeowners will show up to the auction prepared, but this will not always be the case and it is important to prepare as much as possible.
When the house is set to be auctioned, the prospective buyer will often receive a notification in the mail that will provide them with a list of the names of the various lenders. This is usually where the real action begins. The homeowner will then have the opportunity to select which lender they would like to do business with. The foreclosure process must end with either the lender accepting the offer or taking back the property from the homeowners. If the borrower sells the house without the consent of the lender, they may be subject to a lawsuit from the lender.
After the house has been sold at an auction, the remaining steps of the foreclosure process are not very complicated. The house must be sold, and any proceeds from the sale must go to the homeowners or their heirs. Many states also require that the lender to return the property to the borrowers. After this is completed, the homeowners are in total control of the situation and can determine how long it takes for them to either leave the house, or stay and pay the mortgage. It’s important to note that many people have successfully completed the foreclosure process without a problem. In fact, it can often seem like a breeze if the proper steps are taken in the right order. The most important thing to do after being served papers is to take action quickly, and never give up. There is hope, and eventually homeowners can have a chance to move out of the home they have lost and start a new life somewhere else.