 # months till foreclosure (by tryan [MA]) May 2, 2025 11:32 AM
 # months till foreclosure (by S i d [MO]) May 2, 2025 12:20 PM
# months till foreclosure (by Ken [NY]) May 2, 2025 1:53 PM
# months till foreclosure (by tryan [MA]) May 2, 2025 5:16 PM
# months till foreclosure (by Ken [NY]) May 2, 2025 5:29 PM
# months till foreclosure (by plenty [MO]) May 2, 2025 6:49 PM
# months till foreclosure (by tryan [MA]) May 2, 2025 7:43 PM
# months till foreclosure (by Ray-N-Pa [PA]) May 2, 2025 8:34 PM
# months till foreclosure (by zero [IN]) May 3, 2025 11:34 AM
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# months till foreclosure (by tryan [MA]) Posted on: May 2, 2025 11:32 AM
Message:
Question - How many months delinquent have you seen until a bank forecloses?
I am looking hard at a sub2 ... he's 4 months behind. 5 in May. His realtor has his ear and causing delays.
--198.168.xx.xxx |
# months till foreclosure (by S i d [MO]) Posted on: May 2, 2025 12:20 PM
Message:
It varies based on the lender. During the 2008 housing crisis, some homes got 12 - 18 months delinquent, just due to the volume of cases grinding their way through the courts.
Today though, I typically see 3 - 6 months. Since most loans get packaged and sold on the secondary market to Fannie or Freddie, they have a fairly standard set of rules they follow. Then it's up to local courts for how quickly they proceed.
The thing you can do for the Owner is prevent more legal fees getting tacked on. Just because they haven't had "their day in court" yet doesn't mean costs aren't piling up. The banks lawyers are lawyering, and they get paid a lot, so every time they touch a piece of paper on this deal it probably adds $500 to the lender's costs that will be paid out of the owner's proceeds.
I ask the Owners if they want to stop the bleeding now or wait to see what kind of new Porsche the bank's lead attorney ends up buying once the foreclosure is done.
--184.4.xx.xxx |
# months till foreclosure (by Ken [NY]) Posted on: May 2, 2025 1:53 PM
Message:
Traditionally it was 3 months,now days anything goes.You have plenty of time, is it even in foreclosure yet? check the county clerks records.The last sub2 i did was in foreclosure,i sent in 23k and fixed it and sold it without an issue at all.I speak to people behind on payments regularly and 1 year i hear regularly with no foreclosure started.One guy told me 7 years, i have seen everal times where the banks released the mortgage entirely and walked away --98.98.xx.xx |
# months till foreclosure (by tryan [MA]) Posted on: May 2, 2025 5:16 PM
Message:
Wow! Thanx Ken!
Quick update ... I asked the peep to get the amount owed to make the loan current. He called today. Was told "the house was in foreclosure and they can't accept payments .... but he can fill out UBA paperwork for a loan modification" Then wait 30 days for approval.
I like to buy AFTER foreclosure .... new territory for me. TON of equity to be had .... Ken?? --198.168.xx.xxx |
# months till foreclosure (by Ken [NY]) Posted on: May 2, 2025 5:29 PM
Message:
Tryan- I deal with these situations regularly,forget about asking him to do anything, you have to do it or it wont be done right,he already cant pay the bank so dont count on him getting anything right.Sit down with him,make the call,have him give the bank permission to talk to you then start asking questions.If the foreclosure is filed at the county you can get the banks attorney name there,you find the number and call the bank.I havent had a bank refuse to take back payments and will venture a guess he simply didnt ask the right questions.You should get an amount through the end of may.Get the bank attorney address and there account number so you can get certified funds and mail it.get a title search and make sure no other judgments.I usually get stuff like this for a couple thousand plus the back payments,the couple thousand helps them get back home,wherever that is often a thousand miles away.Keep asking questions, these are fun to me --98.98.xx.xx |
# months till foreclosure (by plenty [MO]) Posted on: May 2, 2025 6:49 PM
Message:
There is paper that you can have them sign so you can get information directly from the mortgage company. Otherwise they won't give you any information directly. But if that guys wants your sale or help he may sign it and give you permission for information. I did this once. Helps to stay in the loop and on top of things --172.58.xxx.xxx |
# months till foreclosure (by tryan [MA]) Posted on: May 2, 2025 7:43 PM
Message:
Thank you Ken!
Thinking I'll have the peep complete the loan modification BS (delay the process and help if accepted) ... while I find the foreclosure attorney --198.168.xx.xxx |
# months till foreclosure (by Ray-N-Pa [PA]) Posted on: May 2, 2025 8:34 PM
Message:
it varies state to state for the soonest you can foreclose. A complete list can be found at foreclosureforum (dot) com --67.140.xx.xxx |
# months till foreclosure (by zero [IN]) Posted on: May 3, 2025 11:34 AM
Message:
The flip house I am working on right now started foreclosure May of 2019 and the house didn't go to Sherriff's sale until July of 2024.
I bought the place at auction September of 2024.
They were still there when I took possession. --107.147.xx.xx |
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