How does foreclosure work? That depends on which of two types your home is facing. Foreclosure attorney Mitchell Sussman explains the process in his YouTube video about the subject. This short article will summarize what he said.
What Are the Two Kinds of Foreclosure?
The first type is a judicial foreclosure. It’s basically when a lender sues to get a foreclosure and requires a court to get involved. The time it takes depends on the count system. The second type is a nonjudicial foreclosure. It doesn’t need a court and is the most common form. The foreclosure company can go forward if it has certain documents. Usually, it takes three months and twenty days. It could take longer in a bankruptcy filing or if extensions are granted. In California, homeowners have up to a week before a home’s sale to catch up on expenses.
How Long Can I Stay in My Home?
Residents won’t be evicted without a court order. The time it takes varies. Tenants and former owners may sometimes be offered money to leave in some cases due to the length of time an eviction can take.