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How long does it take for the bank to foreclose on a mortgage?

From the month that one becomes unable to pay one’s mortgage, how long does it take from that day to the time that the bank forecloses on a home?

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This entry was posted on Wednesday, September 8th, 2010 at 5:58 pm and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “How long does it take for the bank to foreclose on a mortgage?”

  1. in Illinois im pretty sure its 12 months from the first missed payment

  2. time frame varies depending on financial institution. On average, the time frame is about 3 months.

  3. oskarmyloanguy.com on September 8th, 2010 at 5:58 pm

    About 1 year. My mom tells me thats how long we stayed in our house when I was a baby. My encounters with people in those situations on a daily basis confirms that even now since there are so many people in forclosure.
    I am in California and I’m sure time frame varies from state to state

  4. I think the procedure takes at least a year.

  5. The site below gives some good info on time lines by state.
    Good luck.
    State Foreclosure Laws
    http://www.foreclosures.com/www/pages/state_laws.asp

    Remember Buddha’s advice:
    "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers and money managers, newspapers, magazines, online and newsletter pundits, all television anchors, and every other special-interest guru is "selling" you something. Don’t buy "it."

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