HOW FAST CAN THE BANK FORECLOSE?

HOW FAST CAN THE BANK FORECLOSE?

HOW FAST CAN THE BANK FORECLOSE?

HOW FAST CAN THE BANK FORECLOSE?

Lots of people wanna know how long it takes the bank to take the house, once they start a foreclosure? One of the things that this depends on is where you are. If you live in a state like Florida, where I am, or like Nevada or California, where there are a lot of foreclosures going on, it's going to take a fairly long amount of time no matter what you do or don't do.

There are a number of states where foreclosure isn't a judicial procedure and it can happen very, very quickly. But even in a state like Florida, with a crowded foreclosure docket in the courts, if you don't take the appropriate action, a bank can get your home away from you in just a few short months.

When you're served with your papers, they tell you, you have 20 days to file an answer. Don't ignore that. It's very important that you get something filed. If you don't answer within the 20-day limit, the lawyer for the bank can go the court and ask the clerk, in Florida, to issue what's called a default. This is just like a default in a sporting event. When one team doesn't show up, the other team wins automatically. Within another few weeks, the bank can file a motion for a final hearing and once the court issues a final hearing on the bank's motion for a default judgment, the court will set a sale date, there will be a time period for announcing or publishing the date of the sale. And then there will be an auction on the courthouse step. The house will be sold to the highest bidder, which is usually the bank. And then it's another few weeks before the bank actually has title to your property and a sheriff can show up at the door, usually with 24 hours for you to move out.

It's very important that you pay attention to the deadlines. And if you absolutely refuse to get a lawyer and you insist on doing this yourself, at least write a letter to the court when you get served with foreclosure and let the court know that you're interested in keeping your house and you want all the help the court will give you. And send a copy of that letter to the attorney for the bank. But I'm begging you don't try to represent yourself. Your house if the most expensive, most important thing you own. It doesn't cost that much to hire a lawyer. Get some expert advice; find out what you need to know.

If you would like me to share more information that may help, or possibly explain better what is happening to you in this foreclosure mess, please don't hesitate to come to my site at http://www.palmbeachforeclosurelaw.com

Thanks for reading,

Catherine Mulcahey, Attorney at Law

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