Your Questions About Foreclosure Process
December 10, 2011 · Print This Article
Chris asks…
How long is the foreclosure process in California (Riverside County)?
A friend is three months behind on their mortage. They say they have still not received any certified letters or anything. If they decide to stay in the house, approximately how long would they have before the foreclosure and eviction? Again, this is Riverside County. (Please only answer if you have first hand knowlege of this process.)
Thanks!
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 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Landlord Specials answers:
Depending on the lenders being on top of the matter. Since this is a domino effect the lenders plate is likely full. They can definately stay in that house 3 more months and maybe more. Since they haven't recieved an official notice yet, I don't think the process has even started.
Thomas asks…
How do I follow a house through the foreclosure process?
I have a seller who will not sign a short sale offer but instead will declare bankruptcy. How do I follow the house through the foreclosure process ? Am I able to purchase this house by the bank before it goes back on the market ? Is there an auction by the lender? How do I find out ? Thank you for any help.
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70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
I don't know how long you plan to wait for this house. If this owner is planning to take his financial situation to the bankruptcy protection this could be a long drawn out process. If he is able to obtain help in the bankruptcy then the house will never be on the market for sale.
Even if he is not successful with his bankruptcy he could drag this procedure out for years to come.
In order to keep up with the foreclosure and the phase it is in you would have to go to the county recorder's office at least once or twice a month, perhaps more. A foreclosure is public information that is normally published in the newspaper. The lender select the newspaper, but is not required to publish in the most popular newspaper in the area.
Normally if the foreclosure procedure goes to the foreclosure auction you might purchase it at that point. You will be bidding with others for the same property. You might be successful at the foreclosure auction. There is a minimum bid that include foreclosure fees and the mortgage loan balance.
A few lenders might entertain an offer if it comes in immediately after the sale where no one bid high enough, send a check for the down payment. If they accept the offer all well and good. I f they fail to accept your offer then they will return your down payment check.
Normally if the property do not sell at the foreclosure auction, a local real estate brokerage firm is hired to sell the property for the lender. This real estate broker will place a for sale sign on the property.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
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