Question: From the time I become delinquent on my first payment, how long does it take to complete the full foreclosure process? – Answer: Different types of loans have different time frames. The foreclosure process for FHA and VA loans usually take longer than that for Conventional loans.
Q2: How can I buy an auction property? – Answer: After a property owner misses several mortgage payments, the owner has a pre-foreclosure grace period of a few weeks to a few months — depending on the state — to bring the payments up to date and stop any foreclosure proceedings. If the owner does not bring the delinquent payments up to date during the pre-foreclosure period, the property will be sold at a public auction.
What is non-judicial foreclosure? – Commonly called “power of sale”, this allows a lender to foreclose without a lawsuit, which is permitted by most states. Instead of a mortgage, the grantor (“borrower”) gives a “deed of trust” to the trustee to hold for the lender (“beneficiary”). When the grantor defaults, the lender files a notice of default and a notice of sale, published in the newspaper. This process takes only 90 days.