OfflineThis information will be different in each area and may have more steps but as a typical timeline for foreclosure you may see:
1) People miss their payment.
2) Late Notices are sent.
3) Demand Letters are sent.
4) Notice of Default or Lis Pendens are sent and recorded.
5) Notice of sale is sent and/or recorded.
6) The sale is posted and/or advertised.
7) The auction occurs.
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That's goin in my file too. Now how long does this take, it's gotta be a couple of months or so right?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
it depends on the state. anywhere from 60 days to a year.
Nick Walters
Walters Property Investment Group, LLC
Thanks Nick! I figured it had to be at least 30-60 days before the ball got rolling, after all you're dealing with banks.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
yeah that's definitely a gray area. From the time that the home owner gets that first notice of default, the bank can either repo their home when they are 30 days late (which rarely happens) or they can give the home owner a lengthy grace period.
A question that I DON'T know is this: How long does a home owner have after the notice of default (lis pendens) is made public? Is there a set time frame after that notice is published?
Nick Walters
Walters Property Investment Group, LLC
I just went to the Maricopa County Recorders website. There are four new postings (today) for Notice of Trustees Sale. All of the auctions are in 3 months.
Al
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"How long does the homeowner have after the notice of default (lis pendens) is made public?" It various from state to state, but once the notice is recorded, it will be advertised anywhere from 30 to 60 days before the auction. I hope that answer your question. Good luck and happy investing!
Lloyd
Thanks Lloyd! I appreciate it.
Nick Walters
Walters Property Investment Group, LLC