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  1. #1
    Join Date
    Jun 2008

    How long does a foreclosure take?

    What is the name of your state? Kansas

    I currently live in a home where on June 1st our 3rd missed payment occurred. I was just wondering how long before a lender decides to start foreclosure and then how long do we have to move? Do they have to give us any notice?

    We are wanting to move as the house has problems way beyond what we are able to repair and we just recently found out that our ARM is jumping to 11%.

    Thanks in advance.

  2. #2
    Join Date
    Jan 2003
    What are you doing to avoid FC? LIke listing/marketing the property, short sale, talking to the lender? If you don't intend to pay, are you doing anything to reduce the loss you are causing your lender by being proactive? Or are you just asking how long you can live there for free?

  3. #3
    Join Date
    Jun 2008
    From what I understand we will not get anything for free. I believe we will have to pay whatever is left after the sell of our home by the lender, correct? I am just wondering about a timeline on how things work.
    But yes we are trying to sell the home.

  4. #4
    Join Date
    Feb 2007
    When it starts depends on the patience of the bank.

    It takes a (approximately) 120 days from the time the bank files the papers.

  5. #5
    you can write the bank a letter asking them for a rate adjustment. Lots of people do that. I have had friends that stayed in their homes by promising checks and then they bounced, etc. One friend stayed ONE ENTIRE YEAR without paying on it. Contact the loss mitigation department. With so many forclosures, they are trying to avoid them.

  6. #6
    From my personal experience with CitiMortgage, the process takes about 6 months...I had one property that I stopped paying in Nov. '07 and they finally scheduled an auction date in May. I have another property with Citi which I stopped paying in Dec. (I am in the middle of a short sale) and this one has a scheduled auction in early July. The auction date is when you truly lose the home.
    Also, one property had a 2nd mortgage with Chase and their process is to "charge off" the debt after 180 days.

    If your property is on the market - I would suggest you find out what similar properties are selling for and drop your price by 10%. Citi needed to have an offer of 88% of the appraised value in order to approve the short sale; however there is some flexibility as they ultimately came down to around 85-86% and still approved. But that is what they net - meaning you need to back out closing costs, agent fees, etc.

  7. #7
    One more comment since you mentioned having to pay the deficiency. From my experience with a current short sale - Citi is not coming after me for any deficiency whatsoever, they are only going to be about $20K short of what I owed, but I have in writing they are satisified with the debt. However, I believe I can still receive a 1099 for the forgiven amount.

    Anyone know how to avoid that?

  8. #8
    Join Date
    Jun 2008


    Thanks for the information. Also do you know if they wait to get a judgement against you until after the house is auctioned or do they do that right away? Or do they do that at all?

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