The Time Frame Of Foreclosure
Good Morning All:
What is the time frame between making the lis pendens list and the property actually going to sale.
For example, If I were to go to the courthouse today (3-31-04) could I go back to the list from January 2004 and target those people who should be motivated by now?
Let me know If my thinking is in the right direction.
You guys are my fearless leaders and all your advice is very appreciated.
Tybotica
:-o
FORECLOSURE TIMETABLE
Day 1: Notice of Default recorded. The defaulted property owner has 3 calendar months to cure the default.
Within 10 days: Note Holder will be Mailed the Notice of Default.
Within 1 month: Note Holder will be mailed a Notice of Default.
So if the Lis Pendens Notice was mailed in April, I'm thinking that in JUNE you should be hounding them.
Let me know if this helps. I received this information from researching and some guys here.
Toska
Timeframes, customs, practices, and laws vary from state to state, and sometimes from county to county.
In New Jersey, for example, if the mortgagor does nothing to impede the process.. from Lis Pendens to Sheriff's Sale could be in as little as 8 or 9 months, or as long as a year.
If the mortgagor throws up all type of defenses...the process can take years.
The process in texas, I'm told, goes like greased lightening.
yes, Massachusetts is pretty fast too
I'm in Illinois. I should have told you that.
Toska
You need to read the MD statutes on foreclosure. They can be obtained via the internet. It will tell you the minimum time between the filing of the Lis pendens and the actual sale of the property-excluding any challanges/smoke screens. There's also some sort of defaultee waiver which can speed up the process.
I think that there is the right of redemption under some circumstances. You need to read the law if you intented to deal in foreclosures. Knowing the law will help you plan your marketing stratagy.
I'm telling you what I heard through the years. Obviously, I don't have a lot of interest in MD foreclosure laws and they have little applicability here in NV..