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September 24th 2010
I had this information posted once but I am still receiving a lot of calls and questions about this information; so here it is again. Foreclosure timing and Process Disclaimer:
This is not deemed as legal advice. This timeframe was put together out of
personal experience working with Indiana (pre)-Foreclosure Clients. You have any
questions about the (pre)-foreclosure process in your state including
Uncontested Foreclosure: 4½ - 6
months minimum. If a business debtor does not contest foreclosure (but will not
agree to a deed in lieu), the process can move relatively quickly. Here are the
major steps and applicable possible ranges of time: 1. The bank (mortgage holder,
lender) with help of a local Attorney will file a Complaint with the court after
you have been already late for about 90 days. (In most cases) 2. You the borrower will be
serviced in writing and this occurs in 5-10 days after the compliant was filled.
In some County's you will find out that you have a complained filled against you
through a publication (newspaper) 3. The bank, (mortgage holder,
lender) will ask the judge for a default judgment against you: This can happen
after a 21-24 responds period you have been given after you have been notified
either in writing or through a publication that you have been serviced
(newspaper or in writing) 4. The bank, (mortgage holder,
and lender) will ask the judge to give them a judgment against you the borrower
and foreclose on the property: This should occur within approximately 30 days
after the Application for foreclosure was filed 5. The Property will be slotted
for Sheriff's sale, and public notice is given through a print publication and
to tell everybody that this property is slotted for Sheriffs sale. : By statute,
cannot be filed until 3 months after the Complaint 6. The Sheriff's sale: happens
about 45-90 days from the initial, depending on the county You can contest the Foreclosure and pending on your attorney and your situation the foreclosure process could be stopped or could take 6-9 months minimum
Bettina Settles |