Our firm represents several local financial institutions in mortgage foreclosure matters. With the proliferation of delinquent home loans, we are frequently asked how long the mortgage
- Most lenders will begin the foreclosure process after the borrower has missed three monthly
- A law firm will then file a complaint with a court having jurisdiction over the property
- A sheriff or process server will serve the borrower and other parties interested in the property with a summons. The parties generally have 30 days to appear in the case and respond but can get additional time in some instances.
- If no defense to the foreclosure is raised, the law firm will file a motion within the court more than 30 days after the parties have all been served requesting a judgment.
- The right to reinstate the loan (or bring it current) expires 90 days after entry of the
judgment. Many courts and lenders will agree to extend this deadline if they believe the borrower has the ability to get current.
- The right to redeem the loan (pay it in full) will expire either 7 months after the summons is
served or 3 months after the judgment is entered, whichever is later.
- Once the right of redemption expires, a sheriff's sale takes place. The foreclosing lender places the first bid, sometimes for the full amount owed, sometimes for less. The lender will win the auction unless higher bids are made.
- After the sheriff's sale, the bank's attorney must appear before a judge and have the sale confirmed. The borrower is given a minimum of 30 days after the confirmation order is entered to vacate the premises. Otherwise, they can be evicted.
- A special right of redemption exists in some cases for up to 30 days after the entry of the confirmation order