how long does forclosure take
By "foreclose," I assume you mean start the foreclosure process. Typically, a lender will start the foreclosure process once the borrower is 90 days past due on his/her payment, so the fact your lender has waited this long is abnormal. After a 4-week advertisement period, a sale is held. The sale is typically 30 days after the notice is given to borrower.
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Quick Facts from http://www.foreclosurelaw.org
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 60 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Varies
In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, then the court will issue a notice of sale.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
1. A notice of sale must be published once a week for four (4) in a newspaper of general circulation in the county where the property is located. The notice must also be posted on the property at least fifteen (15) days after the first notice of sale is published.
2. The notice must contain the borrower and lenders name, a description of the property, the terms of the sale and the time, place and date of the sale.
3. The sale must be made at public auction to the highest bidder. The trustee or the sheriff of the county, if different, may conduct the sale between the hours of 9:00 am and 4:00 pm on the date specified in the notice of sale.
4. The sale may be postponed by posting a notice at the time and place where the sale was to originally be held. If the postponement is for more than one week, it must also be published in the manner as the original notice of sale was given.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice.
Foreclosure's key date is the date of sale. As you have seen, your lender is not moving quickly toward a sale date. Once the sale occurs you have either 6 months (less than 3 acres) or one year (more than 3 acres) to live in the home before you can be forcibly removed. Currently (until July 5th of this year) the lender has to give you the opportunity to modify your loan with a 90 moratorium on foreclosure if you contact them within 14 days OF THE DATE of the letter you received (or will receive) by certified mail. Once the 90 days is up, it takes about 5 weeks to advertise and hold the foreclosure sale, which starts the six month (or one year) clock ticking.