How long does foreclosure take?

[hat]

What is the name of your state? FL

Chapter 7 BK discharged 9/03, continued making payments on home until April 04 (home not reaffirmed in BK). Letter from bank that foreclosure proceedings had begun in July 04. It seems nothing is happening and in the meantime the home is just sitting there with no care. How long does it take for foreclosure? Also, with tax time coming up what are my responsibilities concerning the taxes? If they aren't paid will the clerk sell the home and then what happens to the foreclosure? Thanks

 

[Ladynred]

The taxes will become a lien on the home and then becomes the problem of the bank that is foreclosing. Were you taxes paid out of escrow or did you pay them separately ??

Foreclosure can take a long time, from their first notice until they actually sell the home. Some banks move faster than others. It took the bank a YEAR to finally sell my house, the housing market was so bad at that time - which is why I lost it in the first place. I couldn't get it sold and couldn't afford to keep paying 2 mortgages on it and still pay rent after I'd moved to another state.

The bank took it back, its now THEIR worry if its sitting vacant.

 

[hat]

Thank you - maybe I am looking at this wrong.....

Thanks for the response. Your response brought an question to me. Since the bank has sent the letter of foreclosure and has filed a Notice of Lis Pendens does that mean that the house now belongs to the bank. I was still looking at it as being my home but has ownership already changed hands even tho it hasn't been sold? We went to it yesterday and so much has been stolen from the outside.