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How Long Does Foreclosure Take?

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siennamorrison

Junior Member
What is the name of your state (only U.S. law)? New Mexico

I am several months behind on my mortgage and received a notice of default from the mortgage company. I am working with them now to see if they will modify my loan so I can afford to keep my house. I have found it impossible to get through to a real person when I call them. Apparently, they are overrun with customers who are also trying to modify their loans and I get a response on the automated system telling me that the process will take 30 days and they will notify me regarding the status of my request when they have finished reviewing all my paperwork. My question is.... if they do not approve me for loan modification, how long (more or less) would the foreclosure process take?
Several people have told me it takes up to a year while others say it takes as little as 3 months. At this point, the company has filed nothing against me with the courts so I am assuming that any legal action would only begin should they turn me down first for the modification. What are the steps and how long do they take?
 


FlyingRon

Senior Member
It takes about six months in New Mexico, there's no non-judicial foreclosure.

They have to serve the borrower with notice, wait 30 days, then advertise it for four weeks in the paper, then go to court.

Once the court approves the sale, then it has to be advertised for four weeks more, then the sale can be held 30 days later. As you see, the absolute minimum would seem to be four months if they could get the hearing scheduled promptly.
 

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