Apr 07, 2011 9:27 PM GMT
Yes, I know, this is under the wrong section...but I'm desperate for info!!
I am currently leasing a house which I just found out yesterday is in the process of foreclosure. The owner has two houses in this area and both will be foreclosed upon.
Apparently, he stopped making his mortgage payments on Feb. 1st. 2011, I would surmise that in today's market, this is a fairly recent occurrence.
I also understand that it can often take months, even a year or two before the bank finally forecloses on the property and does a formal eviction.
Question: Has anyone here been in this kind of situation before? How long does it actually take to foreclose on a house in today's market?