How long does foreclosure take?

Question

I live in Florida, have a 30 year mortgage, have been trying to sell but no one is looking. I haven't paid the mortgage since Jan. '08, just got served with a summons saying that my lender has started the foreclosure process. I really dont have the funds to get a lawyer to file bankruptcy and have other debts as well, such as credit cards, overdue HOA fees. How long will the whole process take? I've heard that it depends on the state I'm in...just want to get an idea of how long it'll take to actually get evicted.

Answer 1

In Florida, the timeline is typically 180 days.  For more info on the Florida foreclosure process, check out:

http://www.biggerpockets.com/foreclosure...

Answer 2

I'm not familiar with Florida law but where I am the length of the foreclosure process depends upon how much of your mortgage you have paid off by the time you default on your loan. Here if you've paid at least 25% of your mortgage by the time you default and get foreclosure notices, you are given 6 months to catch up on your payments or sell before further action is taken.  If you have paid off less than 25%, I believe the time is 6 weeks before further action is taken.  This probably varies from state to state, however.

Answer 3

Hopefully someone who knows the florida process will answer but the process for where I am is to serve the summons and go to court (about 25 days for this to get to court). At the court the foreclosure is allowed so this is scheduled to be sold on the courthouse steps (20 days to get to the steps).  After teh courthouse sale the bank or new owner will begin eviction proceedings which involves another notice and a new court hearing (another 25 days for the next court hearing).  If the court affirms the eviction the sheriff usually shows up in 2-3 weeks.  So, about 3 months is a bare minimum - but again this is just where I am, where you are it may be done faster or slower.  Also, if you do declare bankruptcy before the sale on the steps you can slow the things down for months and if you get a smart lawyer to contest everything (or even do it yourself) you can slow it down for that too.  Still, eventually you will get evicted and it will kill your credit so be ready for that eventuality.

Answer 4

I know it's tough when you get behind..you kind of ignore it hoping the problem will go away. But it's been 8 months since you made a mortgage payment and the process has started. Don't bury your head in the dirt and give up!!

If you want to save your home, find someone who can help you negotiate with the bank. Contact High Point Development at [phone]. Or go to http://www.highpointdev.com/page1.php.

I have experience with this company and they are good people. They can give you advice, help you negotiate, or make a cash offer for your home.

I wish you the best!