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Russell G. Small and Kenneth Lenz

How quickly can the bank foreclose on your home?

On Behalf of | Jun 1, 2022 | Uncategorized

Maybe you missed a mortgage payment because you forgot to send the check in. Perhaps you are having some financial difficulties and you know it’s going to be hard to make all the future payments on time. Regardless of the specifics, you start worrying that the bank is going to foreclose on your home.

You do want to figure out what options you have to keep your home, but you know that it can take time. One thing that you worry about is that the bank is going to move quickly and foreclose before you can do anything to stop that from occurring. Can this process happen so abruptly? Is there actually a risk that you could be told you have to be out in the next week or anything of that nature? 

Foreclosure takes a long time

Even if the bank decides to foreclose on your home, don’t worry that someone is just going to knock on the door and tell you that you have to move out that day. Foreclosure is never that abrupt and it takes months for the entire process to play out. This includes written notices that you need to be given, court dates and all manner of other deadlines.

As an example, even though every foreclosure case is unique, the national average for foreclosure is 857 days. And that’s just the average, suggesting that there are plenty of cases that take even longer.

Exploring your options

As you can see, you certainly have time to explore all of your options if you’re worried about foreclosure. Be sure you know exactly what steps to take

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