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Updated almost 17 years ago,
Question regarding foreclosure timeline
Hello, I am hoping someone will know the answer to my question. A little background: I have been seeking to invest in pre foreclosures. I am part time, so I can only put so much time into my marketing. One method I am using is looking in the financial newspaper where they publish the names and addresses of "foreclosures". I am not really sure what stage these listings are in, but I sent letters to about 30 per week, only to addresses that I think are in areas I like. I have gotten a call back from one or two per week from each mailing.
The homeowners say that the foreclosure sale is about 6 weeks away - that much has been fairly consistent. However, what is not consistent is that some say they are 3 or 4 months behind in their payments and some say 7 or more months behind.
When I drive by the houses where I sent the letters, there are no notices on the doors, and most of them look like they are perfectly normal, (shoveled sidewalks, nice landscaping, Xmas decorations installed during the season, etc.) I do get some letters returned by the post office, and when I drive by those, they look like the typical vacant house in distress.
There are of course a number of homes in my town that have the big ugly orange signs posted on the doors, along with other warnings - Are these posted after the sherriff's sale, and after the homeowner or tenant has been evicted? The houses that I sent letters to do not have any of these signs posted, and they are six weeks away from the drop dead date.
I know it probably varies state to state. But when I look on line to see what the average timeline is for a foreclosure, they usually just state what the statute says. I need to know what the real life timeline is for this market, so I can understand better. I am guessing that the homeowner is probably 3 months behind before they receive the actual NOD, rather than just a letter stating they are in default, demanding payment. Then, if say the stateed foreclosure period is 60 days in MN, is the 60 days after the NOD, or some other date?
Could someone tell me what an average real life timeline would be for a homeowner, from the first missed payment to the actual sale, and beyond to the redemption period? Any information would help, even if you are referring to your own state (I know there are not many MN REI in this forum) Thanks, Mike