How Long Does It Take For A Foreclosure To Be Completed?

A foreclosure can take any amount of time. Sometimes, a bank will choose to foreclose on a house within a very short of time after a missed payment, as short as a single month, the legal limit. However, most banks will wait at least three months before they will start the foreclosure process, which is the standard amount of time for the industry.

After the process begins, there are two possible routes of action, called "power of sale" and "judicial sale." Which one a lender chooses to use for foreclosure depends upon the laws in the state and the length of time that the process takes depends dramatically on this choice. Power of sale is typically a much shorter process than is judicial sale. It is very important that you understand the differences between these processes if you are involved in a foreclosure process.
The differences are actually pretty simple. Power of sale is when a bank will simply sell your house with only a very little bit of judicial review, whereas judicial sale involves filing suit in a court in order to repossess the home. It should be pretty clear why judicial sale takes a longer amount of time. Therefore, if you are going through judicial sale, you have a much longer period of time in which you can prevent the repossession and foreclosure.

Beyond that, there really isn't much more to the foreclosure process. After the three months, and once the bank has judicial permission to sell the home, if it is required in your state, a date for sale is set. The sale is closed, and you lose your home. Therefore, it is extremely important to take advantage of the small amount of time that you have, if you want to keep your home.

The best thing to do during this time is to get the assistance of experts in keeping your home. Hire a foreclosure assistance company. If you can find a legitimate one, probably through the experience of friends or case studies, they can be extremely helpful. They will not only bargain with your creditor and act as a lawyer for you, but will also draw up a comprehensive financial plan for your future. This will be extremely helpful, even in the future, after they have saved your home, if they are able to do so.