I have three neighbors that are in foreclosure. One is with Chase, one with Bank of America.... the homes have been abandoned.... how long before?

Asked by amelendez15, Charlotte, NC Fri Aug 17, 2012

they are sold, or foreclosed on...

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dave’s answer
dave, Agent, Charlotte, NC
Sat Aug 18, 2012

It all depends. There are situations like this all over the place. I have seen soem homes foreclosed on in months and others take years. It depends on the bank, the home owner, and type of loan that they have.

The biggest factor is the home owner. They can delay the process of a foreclosure for an extended period of time. However; if the homes are abondoned then they probably have no desire to work with the banks to keep them. But there is a chance the banks have foreclosed on them and you are not aware of it. Some banks are sitting on properties right now and not putting them back on the market right away. other banks are foreclosing and then putting the house right on the market in a very short period of time.

I had a next door neighbor that abandoned his house and was letting it go back to the bank. it took the bank seven months after he left to foreclose and another year before they came by and decided to market the house for sale. Another one in my neighborhood took almost two years to foreclose; but the bank took less than 2 months to market the house for sale.

There is no clear cut time frame for the banks unfortuantely to foreclose and sell the homes....

Dave diCecco
Coldwell Banker United
1 vote
Bill Ahls, Agent, Cornelius, NC
Sat Aug 18, 2012
James is right on target as it varies greatly depending on both the lender. If you're still in touch with those neighbors AND if they want to avoid foreclosure, give them my contact information. I have much experience in navigating short sales (just closed one Thursday) and would welcome the business.

Bill Ahls
0 votes
James Gordon…, Agent, Hamilton, OH
Sat Aug 18, 2012
It all depends on the type of loan and the federal programs that are started. There is a property in my neighborhoodthat habeen vacant for 4 years because of a perfect storm of federal programs. It waas scheduled for sheriff sale this month but Ohio was declared a national disaster area in July. That put everything on hold for federaly insured loans and this property was pulled from the sale. Maybe another 6 months for the property to get rescheduled. I feel your pain but there is no way to predict how long. It could be months or years until the forclosure is final.
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