How Long After Foreclosure Until Eviction?
In general, the bank will not start the foreclosure process until the homeowners are 3 to 6 months behind mortgage payments. It can start as soon as your loan is in default (31 days late) but many lenders will give customers some time to get caught up, but you need to contact your lender right away if you find you are having trouble making payments.
The actual time line for the foreclosure process varies from state to state. The house will be sold at a sheriff sale and then the redemption period starts, if one is offered in the state. Some states do not have a redemption period, which some have a one-year redemption period under the state’s foreclosures laws.
After the end of redemption period, the eviction process will start. The eviction can usually take 2 to 4 weeks, depending on how quickly the lender starts the process and how quickly the sheriff can visit the property and conduct the actual physical eviction. Once that happens, the homeowners will be evicted and the locks will be changed.
Residential foreclosures usually allow you to stay in the house until 30 days after the judge “confirms” the foreclosure sale. The main events of a foreclosure are: filing, judgment, sale and confirmation of sale and possession. The sale comes after the judgment and will almost always be at least 7 months after the case begins. The lender can get a foreclosure judgment, but have to wait to hold the foreclosure sale. The time between judgment and sale varies in each case but it usually happens 2 to 4 months.
A foreclosure sale is an auction by the sheriff at the courthouse. Public notice must be given prior to the sale. A judge wil “confirm the sale” if the price is reasonable and there are no flaws in the sale process. Onc ethe foreclosure sale is confirmed, the 30 day clock starts ticking for you to get out.
Time periods for foreclosure and the eviction process vary from state to state. It is important for homeowners to gain the foreclosure information necessary to understand how foreclosure works.
