How Long Does It Typically Take For A Sale Date To Happen After Foreclosure?

The answer to this very common question varies widely from state to state. however, there are certain guidelines that you can follow that will help you get an answer. If you are already in, or are likely to be in soon, foreclosure, then it is very important to know what the timeline is. You have to know how much time you have to act, and when the point of no return is for being able to save your home.

The first and most solid timeline is that, by law, in every state, it is illegal to start the foreclosure process before a month has passed after the first missed loan. Before the foreclosure process begins, the lender is required to give the debtor certain opportunities, all of which end after two months have passed. Most banks will start the foreclosure process after 90 days, as a rule of thumb.

Once the process has begun, the time that you have left until a sale date is decided upon varies based on the type of foreclosure that you are in. This is normally determined based on the contract that you have and the laws in the state. You can either be in a judicial sale foreclosure, requiring a huge amount of judicial oversight, or a power of sale foreclosure. The latter allows the bank to sell your home almost as soon as the process begins, with very little judicial oversight required. Clearly a power of sale foreclosure will happen pretty quickly, whereas a judicial sale foreclosure can take months, and allows you to do several appeals.

Once the sale date is set, you have very little time left. You may or may not wish to save your home. Either way, it is a good idea to seek financial counseling, to try to get back on your feet after the hit that your credit will take. If you do want to save your home, you should seek the help of a lawyer or a foreclosure assistance service (actually, you should do this as soon as it looks like a foreclosure could occur). You may find that this is the best decision of your life, in terms of your finances.