Judicial Foreclosure Time
Line
As was stated on the previous screen, the process
is very lengthy. It is not at all uncommon for the
whole process to take longer than a year or more. To
be quite honest there is no time line to give for
a Judicial foreclosure process, because, in short, the whole
thing is dependant on the courts. That does not mean
however that there are no time line based on when an even
happen that you shouldn't be aware
of.
How soon after you miss your
first payment can the mortgagee, (lender as the borrower is
the mortgagor) file the Lis pendens?
- They can legally do so after the
first payment is missed. Though the terms of the mortgage,
as spelled out in the mortgage deed, may dictate a longer time period. In
any case, most of the time is is at least
a few months after your first missed payment. But it should
be noted that the mortgagee must sue for any deficiency balance within four years
or the statute of limitations runs out.
How long
does the process take? (In other words when do I
have to
move?)
- It is very hard to say as the
entire process is driven by the court schedule and therefore
at the mercy of the courts. But suffice it to say most of
the time, it is longer than a year.
How do I stop the process?
- The only real way to stop the
process is to catch up on the payments and get the mortgagee
to agree to stop the process.
How long do I have to stop the process?
- Basically in most states that use
this type of process, the mortgagor,(borrower) has three
months after the judgment has been entered to pay the entire
amount owed, plus foreclosure costs to keep the house.
Now we should probably talk about the
type of foreclosure that we use in California almost 100% of
the time, the Trustee's
Sale .
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