How long does the forclosure process take?

In states that use a Deed of Trust as the mortgage instrument, it takes 90 days. On the 91st day, the house is owned by the lender.

In states that use a Judicial Foreclosure, the time would be closer to 6 months because the court system is backlogged..

After approximately 3 to 6 months of ignored money, the lender orders a trustee to checklist a word of Default (NOD). on the County Recorder's place of work. This places the borrower on word that she or he's dealing with foreclosure and starts off a reinstatement era that usually runs till 5 days till now the home is auctioned off. ultimately, this word of Sale is likewise printed in newspapers close by to the county in question over a three-week era. that's conventional guidance and not particular to your state. i think of the economic enterprise does no longer waste plenty time in case you haven't any longer made a fee in a mutually as.