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Chapter 6: What is the Foreclosure Timeline?

 

What is the Foreclosure Timeline?

Preforeclosure begins the day that you are late with your mortgage payment and late charges begin accruing.
Lender sends notice of default (around 45 days)
Notice of Intent to Foreclose Publicized (around 90 days)
Auction (around 150+ days)/Real Estate Owned
Redemption Period: from the time the property sold at auction until the clerk files the paperwork.


Foreclosures cost the lender time and Money. Between legal fees, possible eviction costs, taxes, insurance, maintenance, HOA fees and selling costs, a foreclosure can cost a lender 40K or over. Lenders do NOT want to own.

Other alternatives are available and a Short Sale & Foreclosure Specialist can guide you through them. During your marketing presentation, ask your Specialist for details. Your Short Sale & Foreclosure Specialist will need to determine if the seller/homeonwer is a quailfied short sale canidate. Four key criteria must be met. They are: (1) Demonstrates Hardship, (2) Financially Insolvent, (3) Market Pricing, (4) Cooperative.



Chapter 7: The Seller Has No Assets

 

 

 

 
Chapters for Seller's Guide to Short Sale
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Chapters for Buyer's Guide to Short Sale
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