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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116139
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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HOW FAST A BANK CAN REPO A HOUSE AFTER IS DEFAULT? IS ANY

Customer Question

HOW FAST A BANK CAN REPO A HOUSE AFTER IS DEFAULT?
IS ANY DIFFERENCE IF THE HOUSE IS A PRIMARY RESIDENCE?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

When you say there is a default, has the bank sent notice of foreclosure yet? Please tell us what is going on here, as there is a process they have to follow to foreclose.

Customer: replied 1 year ago.
no.i didn't receive any notice of foreclosure. The first payment missed was October.
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your reply.

Banks generally will not even consider beginning the foreclosure process until 4-6 months of payments are missed. They do not move for foreclosure upon only one missed payment. Typically what happens (and this varies time wise from lender to lender) is that after 4-6 months of missed payments and your failure to work something out with the bank, the bank must issue a notice of default to you. Then they must wait 3 months from that notice to file a notice of auction for non-judicial foreclosure. The auction can then be held as soon as 20 days from that notice of auction OR can take up to 1 year from the date of that notice, it is wholly up to the bank and typically it takes on average about 4 months for them to auction the home off in foreclosure.

During the time between notice of default and the auction, you can negotiate with the bank to restructure or modify the loan or can sell the house.

Generally, the time from the first missed payment to the actual foreclosure in CA is 18-24 months total though, assuming you do not work something out and continue to not make payments.

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