How long does the Foreclosure and property resale process take?
A. If a consumer becomes seriously delinquent in the payment process, the company first attempts to negotiate transfer of the property back to the mortgagee (note holder) by a deed-back in-lieu-of-foreclosure, in exchange for settlement of the balance outstanding. Generally this is quicker and allows for an immediate marketing of the property. In the event the foreclosure process must be completed, the total time from the first notice of default to ownership of the property by the mortgagee (note holder) can be nine months or more.
