Various areas around the country have different time lines for these phases. Regardless of the timeline, when any property goes into pre-foreclosure, the possiblity of that borrower keeping the property is severely limited.

Good Luck!

Tue May 6 2008, 13:17

It takes a while usually. Keep talking to the bank. Write them letters (about 1x a month). CAll them on the phone when you have to.

We have been in our home for nearly 2 years waiting for the foreclosure process to wind it's way. Contact a good attorney. You can keep them off for a LONG time with proper advice.

Tue May 6 2008, 09:54

In NJ it can takeup to 8-12 months to get through the foreclosure process. The borrower has a 10 day right of redemption period after the foreclosure sale to "reclaim" the property - meaning paying off the amount owed plus any fees or foreclosure costs. Once all of that happens and the redemption period has passed, the homeowner is asked to vacate the property. The new owner can start eviction procedures to get the previous occupant out. The timing for how long this takes will vary. Hope this helps!

Thu Apr 3 2008, 11:21

The length of time a home stays in a "Pre Forclosure" state is determined by the Hortgage holder. The tenant is considered "In Default" when they have missed 3 monthly rent payments. Then the Forclosure process starts....can be up to 6 months. The house is then offered at Public Auction.

If it is purchased, in the state of NJ, the tenant has a 10 Day RIGHT OF REDEMPTION. This means the tenant can borrow the money form somewhere to get current. If that does not happen, then the deed for the house is delivered to the BUYER (private individual or the Bank). Then, the OWNER starts the Eviction process, just as if the tenant has missed 3 payments......the Owner must go to court to apply for eviction - it's a pretty long process.

Visit my website for more Real Estate information & my qualifications. If you have any more questions, don't hesitate to contact me.

Stay well

Thu Apr 3 2008, 11:07