Timeline for foreclosure

[onlyfair]

What is the name of your state? New Jersey

Stepfather has not paid mortgage in 4 months. Mortgage company tells me that letters were sent to atty's to begin foreclosure process. I am told he has 30 days to make a payment to stop the process and he has so far not done so.

In addition, the house is up for sale and under contract.

Can the house foreclose before the sale is finalized? How long does the foreclosure process take, and do they stop the process if they know the house in under contract?

[HomeGuru]

Originally Posted by onlyfair

What is the name of your state? New Jersey

Stepfather has not paid mortgage in 4 months. Mortgage company tells me that letters were sent to atty's to begin foreclosure process. I am told he has 30 days to make a payment to stop the process and he has so far not done so.

In addition, the house is up for sale and under contract.

Can the house foreclose before the sale is finalized?


**A: yes, it is entirely possible

************
How long does the foreclosure process take, and do they stop the process if they know the house in under contract?

**A: that is a question you need to be asking the mortgage lender.

[BriantheBanker]

Call the mortgage company. they will (most likely) want to see the sales contract, an approval letter for the buyer & have a target close date. The company may be able to stall the forclosure. Even if the property goes to forclosure sale, there is a 6-9 month redemption period to pay off the mortgage.
You will want to try to close before the sale to avoid attorney fee's, etc...

good luck,

Brianflorian.com

[HomeGuru]

Originally Posted by BriantheBanker

Call the mortgage company. they will (most likely) want to see the sales contract, an approval letter for the buyer & have a target close date. The company may be able to stall the forclosure. Even if the property goes to forclosure sale, there is a 6-9 month redemption period to pay off the mortgage.
You will want to try to close before the sale to avoid attorney fee's, etc...

good luck,

Brianflorian.com

**A: what are you talking about with the 6-9 month redemption period to pay off the mortgage?

[BriantheBanker]

once the sherriff sale occurs, the person who was forclosed on has 6-9 months (depending on several factors) to redeem the property...ie: sell or refinance property to payoff lien(s).

[pty]

Originally Posted by BriantheBanker

once the sherriff sale occurs, the person who was forclosed on has 6-9 months (depending on several factors) to redeem the property...ie: sell or refinance property to payoff lien(s).

Are you sure there's a 6-9 month redemption period in NJ? Maybe. It's been several years since I worked in mortgage servicing and it's hard to remember (old age catching up with me) all the timelines for all the states, but I seem to remember NJ having an incredibly short redemption period--as in a matter of days. I certainly could be wrong though. At any rate, the OP might want to double-check it.

[HomeGuru]

Originally Posted by pty

Are you sure there's a 6-9 month redemption period in NJ? Maybe. It's been several years since I worked in mortgage servicing and it's hard to remember (old age catching up with me) all the timelines for all the states, but I seem to remember NJ having an incredibly short redemption period--as in a matter of days. I certainly could be wrong though. At any rate, the OP might want to double-check it.

**A: no, BriantheBaker does not know what he is talking about.