How long after first foreclosure notice before bank takes home

Question

I'm looking on registry of deeds in a particular county and am looking for foreclosure notices or foreclosure deeds. My question is, how long from when they first receive that letter would I have to send the homeowner a letter offering to buy it, before the bank officially owns it and it is in official foreclosure.

David Dachtera · Answer

@Timothy Woodland,

As described by at the link @James C. provided, that's fairly typical of a foreclosure time line.

In general, you need to be in touch with the foreclosing lender about bringing the loan current and stopping the foreclosure before you can buy the home from the current owner. Another alternative would be a short sale.

The actual sale at auction IS "the foreclosure". Until then, it's in pre-foreclosure. In general, consider that once the notice of sale is issued, very little or no time remains to attempt to stop the sale and pursue another remedy. Again, the lender is going to be a big factor in determining what you can do within the limits of the local law.

Jay Hinrichs · Answer

depends on the state.. and if they are mortgages or trust deeds.

mortgages have a sherrif sale court action..  trust deeds non judicial.

so like in GA and MS  which is trust deed country or in GA its called a Deed to secure debt..

it can be quit fast 90 to 120 days from filing the NOD ..

in mortgage states and particularly NE states the process can take some time but usually at least one year.. to from what i have heard in NY it can take 3 to 5..

borrowers and lenders can also stall things out a bit using different methods.

Brett Goldsmith · Answer

Depends on the foreclosure proceedings process in that state and if any actions are taken to delay it on the borrowers/sellers end. As long as there's enough time to complete the transaction then you're in the game if they wish to sell to you.

James C. · Answer

Timothy,

I did a search and came up with this :

http://www.bankruptcylawnetwork.com/massachusetts-...

I'd do a bit more research,  but this looks like a good starting point.

Hope that helps.

Good luck,

Jim