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December 18, 2010

The Timeframe of Bank Foreclosure Proceedings

If you’re a homeowner who’s in the verge of foreclosure proceedings, then you’re probably wondering just how soon or quickly can a bank begin such an endeavor. With that said, here’s how bank foreclosure proceedings go and the amount of time it takes for each procedure to run its course. Legally, a bank could wait ten, thirty, sixty, or ninety days to start the foreclosure process, but the majority of them will wait for ninety days and send you quite a lot of postage mail warnings before they actually go through with the actual foreclosure. Yes, your unpaid loan usually has a ten day grace period, but the bank will at the very least wait out the first ninety days before foreclosing (i.e., they probably won’t begin foreclosure proceedings on the eleventh day after the deadline for your loan payment).

On that note, it’s probably in your best interests to keep in touch with your bank and inform them of your problems in paying on time. If you cannot pay off your loan at the agreed-upon date, then you need to start thinking about how you can avoid missing payments in the future. Re-financing may be in order, or else you can sell before things get even bleaker for you. The most crucial point you need to tackle when you’re at the verge of a foreclosure is knowing exactly how long it’ll take from the first miss payment to your actual eviction. A lot of foreclosure victims are victimized because of their ignorance of this matter, which is a shame because it’s one of the foremost factors that they should worry about in the first place.

Foreclosure Time frame and Scheduling

Without knowing beforehand when the foreclosure has started or if it’s going to get started at all will leave any homeowner frazzled, distressed, and stressed, as though he or she has little control over the circumstances. In this case, knowledge goes a long way, particularly information pertaining to how long you have after the sheriff sale before you’re removed from your home or when the auction will be started in the first place. The ninety-day maximum grace period just tells part of the story – that is, the initial time before the actual foreclosure proceedings commence – so there are of course other things to consider before you have an assuredly firm grasp of the foreclosure time line.

By being aware of how the foreclosure will go about, you should be able to plan out some reasonable measures or countermeasures against this potential financial catastrophe, particularly how to stop the foreclosure with the time you have left. Depending on your state, the foreclosure time frame will differ, so it’s best that you research your own home state’s laws regarding this issue as soon as you can. Find out the schedule for notice postings or mailings, after-the-sale redemption periods, and the scheduling plus confirmation of the sheriff auction. State laws also determine when a sheriff sale is postponed, so feel free to look that up as well.