Lots of homes go through all of the procedures you see below but in addition to those time frames I have seen where homes are vacant for extended periods of time because the bank is no longer in business or doesnt have the manpower to get out and get the borrower out of the home. Other times even if the borrower/homeowner has already moved they left property behind that must be evicted. So, it's really anyones guess whent someone will actually have to move out. Some homes are bought at the foreclosure proceeding by an investor who has a very big stake and they move faster and usually try to negotiate as some banks do and offer cash for the keys...and home left in good condition.
I'm not sure your situation. If you are in foreclosure yourself, I am sorry for your trouble. If you are waiting on a foreclosure, be sure you are looking at all of your options, all of the homes that might meet your criteria. You never know which home is going to come available and what the value of that home will be to you.
This is an excellent question, one that can have a variety of answers, depending on YOUR goals and preferences.
1) If you make one payment every other month, I understand the Bank can never foreclose.
2) If you are in the process of completing a loan modification, the lender(s) will postpone any sale date, as well
3) In California, you have 3 months and 21 days AFTER the Notice of Default is filed before the property forecloses. Then, you usually have another month to move out!
4) If you list your home for sale as a "short sale" you can sometimes stay in the property for, say, 9 months, one year, or I've seen even longer!! Short Sales take a very long time to get approved with the Seller's Bank(s).
5) You should definitely consider a loan modification and/or a short sale, which is a lot better for your credit than a foreclosure. It does not matter how much you owe to do either one.
Good luck in resolving your problem. I work with sellers all the time, assisting them in reaching their goals.
1. from the date the homeowner received the Notice of Default (NOD);
2. then at the end of the 90-days, the homeowner will receive a Notice of Trustee Sale (NOTS);
3. then in about 30 days, the property goes to auction.
The banks want to work with homeowners to keep them in their homes. Therefore, in certain cases, it may takes "longer" than 4 months, especially if a lawyer is involved where he/she can help to stop/slowdown the foreclosure process to negotiate with the bank.
Please refer to here for additional info. on how to "avoid" foreclosure: http://realestate.findlaw.com/foreclosure/how-to-avoid-forec
I hope the information helps.
Phone: (888) 525-0125
Check Realtytrac.com and they provide timelines for all states.
First Weber Group
Certifeid Distressed Property Expert