Re: foreclsure options
Foreclosure laws vary from state to state. Generally a foreclosure
lawsuit takes about 4-6 months from the moment the lawsuit is filed
to the moment the home is sold at auction. This time depends on your
state laws and how busy the county court is or your Trustee's schedule
(if you live in a non-judicial state such as California and some others
mainly in the west coast).
Yes, there are some costs involved, but you don't have to pay them out
of pocket. The lender has to pay for service of process, filling fees,
appraisal fee, inspection fees, attorney's fees, etc. This is in addition to
all penalties for non payments as part of your promissory note with
your lender. Usually all promissory notes and mortgage documents
have a clause that says that you are responsible for paying all these
fees in case of default on your part. These fees are advanced by the
lender and are added to the balance of your loan. The lender will try to
get a judgment against you for the balance of the mortgage plus
penalties, legal fees, and all other fees specified above.
If the home is sold at the foreclosure auction, you won't have to pay
any of these fees since the lender will try to get back all that you owe
them at the sale.
I hope this helps,
Julio Martinez-Clark
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