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The foreclosure process can be incredibly confusing. Today, we break it down and make it easy to understand. It helps to look at it as a 5-step process:
- Missed payments: After you have missed your payments for 3 to 6 months, the bank is going to send out a public notice of trusty sale.
- Waiting period: Once the public notice has been sent, you have 90 days to take action.
- Public auction: If 90 days pass after the initial public notice, your home will be auctioned off at the courthouse steps. If you don't make the payments you owe at this point, a third party can buy your home.
- REO property: If nobody bids, or if the amount isn't above what's owed, your home becomes what is referred to as a "real estate owned" property. At this stage, the bank will designate an agent to sell the property. This stage could take anywhere from 6 to 15 months.
- Sold: After all this has happened, the foreclosure is finally over. The process varies in length - depending on the quickness of the filings and how quickly the various parties move to bring the process to an end.
As you can see, the foreclosure process is much easier to understand when broken down into the different stages involved. If you have any further questions about this topic, we would love to hear from you. Give us a call or shoot us an email. We look forward to chatting with you soon!
