bank home foreclosures

Posted February 3, 2010 By admin

bank home foreclosures
How long does it takes for the bank to foreclosure a home?

I dont know if im asking correctly, my niece is moving to my sister’s home which she was unable to continue paying for ( she bought the house 3 years ago). My sister already move away to another state and left the house for foreclosure or for the bank to take since she can no longer pay and told my niece that she could move in until the bank takes it away. But our question is how long until the bank takes over the house physically? since she haven’t pay for 3 months? Thanks for your answers.

The honest truth is that the banks dont want your house, instead they would like to negotiate a price at which your sister can afford the payments or what will happen is that a Realtor will negotiate a price with the bank and if there is a buyer who qualifies then it becomes a short sale. There are currently over 4000 forclosures in California, trust me your sister can live in the house for at least another good 6 months before any action is taken. The process takes a while because like I said there are more then 4000 forclosures in California and 400,000 forclosures across the United States so relax cause the bank will do what ever they can to not for-close on your sisters house.

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