None of this is written in stone but here in Florida I have seen the process drag out past 9 months sometimes over a year. Here is the general timeline for how it's supposed to go but keep in mind, the banks are so far behind right now:
Judical Foreclosure Proceedures:
General time periods for actions (110+ days after default):
Demand Letter (optional) : 30 to 120+ days after default
Complaint: 30 to 120+ days after default
Answer: Must be filed within 20 days after service
Default: May be entered after 20 days if no answer or other pleading filed
Judgement: 20 to 60+ days after answer/default
Sets priorities among lienors
Orders judicial sale
Judicial Sale: 25-35 days after judgement
Cutoff of owners rights
Cutoff of junior lienors' rights (if named in complaint and served)
Clerks Deed: 10 days after judicial sale
I hope this helps a bit. Please keep in mind that today is the first day of the Housing and Economic Recovery Act of 2008 and was designed to motivate lenders to help people keep their homes. If you qualify (primary homeowner with a mortgage payment that is more than 31% of your income) than according to this new act you may be able to keep your home at a reduced loan and payment amount. I would contact your bank and try to work something out before foreclosing on your home. With this new act you will have the ability to keep your home for today's market value, reducing your mortgage payments and giving you a better deal than you or anyone else would get out there trying to buy your home right now.
One thing to think about regarding foreclosure is that you will not be able to purchase another home for 4 yrs or more. You many want to contact your current lender to see if they would reduce the interest rate on your loan due to hardship. Hope this helps
Here is alink to the foreclosure processes for your State
There are other options that you may want to consider;
â€¢ DEED IN LIEU OF FORECLOSURE
â€¢ SHORT SALE
â€¢ LOAN MODIFICATION
Contact your lender and real estate broker/agent- ASAP, get things sorted out.
We live and work in North Port.
Roxanne Moore, Realtor
Re/Max Anchor Realty
North Port, FL
Our advice is to try to avoid "foreclosure" at all costs. Many home owners today are taking this route without understanding the full extent of the consequences of their actions.
Check out thei website:
or call: 1-888-995-HOPE
Be informed before you committ to this direction.
The "Eckler Team"
These other agents have given you some really good advice. You should try to avoid foreclosure. You do have options. I would recommend you talk with your mortgage company about working with you and if that doesn't help contact a real estate agent to discuss short sales.