CA - What is the Cost of Foreclosure & How Long Does it Take?

[Miha]

What is the name of your state (only U.S. law)? CA

Borrowers have either not paid a monthly payment to us or when they have, it is below the monthly pymt amount (per the loan docs). If we choose to foreclose (we are in the 1st position), what is the approximate cost and time frame of the foreclosure process?

Thank you for your time.

 

[sandyclaus]

What is the name of your state (only U.S. law)? CA

Borrowers have either not paid a monthly payment to us or when they have, it is below the monthly pymt amount (per the loan docs). If we choose to foreclose (we are in the 1st position), what is the approximate cost and time frame of the foreclosure process?

Thank you for your time.

Are you a mortgage bank or finance company? What is your specific interest?

Foreclosure is not a do-it-yourself process. Many steps need to be taken before you can start the process, and the entire thing can take 12 months, 18 months or more from start to finish.

You need to hire an attorney to do this for you.

 

[tranquility]

It depends on the facts. Most who do foreclosures do a lot of them. You need to go to your local property law attorneys (real estate attorneys) and ask them.

 

[Miha]

Thank you.

 

[Gulfstream LLC]

I have a buddy in Miami who has been living in his foreclosure house for 2 years. He pays $750 per month to his lawyer, who has somehow thrown a monkey wrench in the foreclosure process. I think they keep on reapplying for a MHA modification. Whenever the foreclosure mill files some kind of motion in court, my buddy's lawyer responds, and sets the whole process back another 3 or 6 months.

 

[nextwife]

I have a buddy in Miami who has been living in his foreclosure house for 2 years. He pays $750 per month to his lawyer, who has somehow thrown a monkey wrench in the foreclosure process. I think they keep on reapplying for a MHA modification. Whenever the foreclosure mill files some kind of motion in court, my buddy's lawyer responds, and sets the whole process back another 3 or 6 months.

That stuff does not generally work for non-secondary market loans. Private loans and portfolio loans have easy access to their own mortgage and note and can readilly produce them in court. They also have more hands-on teams of individuals handling foreclosures, so have no robo signing issues.