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Teacher Editor
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How long is the foreclosure process typically. I have a jumbo

Customer Question

How long is the foreclosure process typically. I have a jumbo loan through Bank of America for $965,000. My concern that if am not 90 days late until 03/2012 the Bank may drag out the foreclosure process and I won"t benefit from the debt forgiveness act that ends 12/31/2012.
Submitted: 5 years ago.
Category: General
Expert:  Teacher Editor replied 5 years ago.

Linda Roch :

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Linda Roch :

Generally, foreclosures last anywhere from 7 months to 2 years for the sale date, when you lose the house.

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Expert:  Teacher Editor replied 5 years ago.
However, the debt forgiveness program is something completely different entirely. That program allows you not to claim the income that you still owe to the mortgage company as income for tax purposes. However, the mortgage company still come after you for the remainder of your loan after sale unless you file for bankruptcy. They don't always do this but it is possible. The act will not protect you from that. And if you file bankruptcy, you won't have to pay the tax on the income realized from not paying the loan anyway. At this point, you just need to wait and see what happens in terms of the foreclosure but unless you do a short sale or a Deed in Lieu (which you can try to make the process go faster- just call the bank and ask), it will not go much faster.