Foreclosure Question

My sister rents a seperated cottage type apartment behind her landlords house(but considered part of house). Today, when she came home there was a man standing there and said he was there waiting for her Landlords who were being served Foreclosure papers. He said my sister needed a copy too. She couldn't believe it and is now freaking out. He said it could take upward of two to three years. Is this really true? How much time does she "safely" have? We don't know about Foreclosures.

Thank you.

Foreclosure Question

Yes, it can take quite a while. It's not an overnight thing. The people may fight it, too.

Foreclosure Question

yes. 2 years is average. I have a relative going through foreclosure and its been years and they are still in the house.

Re: Foreclosure Question

It can take years, in some cases, 7-10, for a bank to actually foreclose on a home, it's a very slow process, because in NY we have judicial foreclosure. The bank can't just come take the house, they have to go through the courts, which are slow to begin with. Plus, there are various ways for the owner to stay the foreclosure action (such as filing personal bankruptcy).

However, many owners facing foreclosure decide to put their house on the market and do a short sale (as a preferred alternative to foreclosure).

I would advise your sister to speak to the landlord about what he plans to do. And while there is no urgency, because foreclosure won't happen tomorrow, I would tell her to look for another place.

Foreclosure Question

Thank you all so much!

Re: Foreclosure Question

Years. I know someone who is going into year 5 and her attorney said it will be another 2 years.