Stop foreclosure now and keep your home!
20 Nov
How long can I live in my home after I stop making mortage payments? In Minnesota
Real estate agent said the best I could hope to do is break even My credit is completely shot already for $50,000 owed to collecttion firm for $35,000 in credit card dept.
In California they are averaging about 90 days. So, I would plan for that and you may get lucky and last a bit longer.
There are so many variables that can make it quicker or longer, so be safe and plan for 90 days.
Sorry.
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4 Responses for "Home long does foreclosure take?"
the high volume of foreclosures has made banks move very cautiously so I would say 4 to six months after you stop payment and if you tell them you are selling home and trying to avoid foreclosure I have a client who has been in the home for 8 months now. Why foreclose why not sell or do a short sale ????
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In California they are averaging about 90 days. So, I would plan for that and you may get lucky and last a bit longer.
There are so many variables that can make it quicker or longer, so be safe and plan for 90 days.
Sorry.
References :
6 months minimum.
After the first 90 days of you not making a payment, the bank will issue a notice of default.
Then you get another 90 days before it goes to auction.
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You can live in the house for 1 year after the sheriff sale. Minnesota has a 1-year right of redemption for properties in foreclosure.The bank wouldn't be able to kick you out of the house or start the eviction process until the end of that one year.
Look up your state's laws for more information.
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