Average time of beginning of foreclosure to eviction? (Atlanta, North Atlanta: short sales, real estate)
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We all know at least one person these days that is behind on their mortgage.
Some further in default than others.
Anyone have info on the average time frame from the mortgage default to eviction?
I've heard some stories about 18-24 months.
This question pertains to the Northern Atlanta area, outside the perimeter.
There are many variables in play on a serious matter such as losing your primary residence, especially with children involved.
People lose jobs, company's cut back or layoff, everyday costs are rising to astronomical heights. No one is hiring for anything above $10 an hour.
Walking away from a Mortgage (family comes first) that the bank is unwilling to renegotiate is the only option left. The bank can add it to their enormous list of inventory.
In Georgia, which is a non-judicial foreclosure state, it can be as short a period of time as 4 weeks from Notice of Default (N.O.D.) which is the start of the foreclosure process. Eviction can be hours or days after that, depending upon whether it sells on the courthouse steps. Have you tried short sale? It could potentially extend the time that you are in your home. You will need to talk to a good short sale real estate agent about the prospects. I know several in the North Atlanta area.
I'll agree with keeshoner - banks are becoming more willing to work with short sales - there's still a lot of paperwork and negotiations to be done, but there are advantages.
You'll know when you need to be out, as it'll be a 'sales' process, rather than the unknown knock on the door, not to mention it affects your credit differently than a foreclosure - check with an attorney or a lender for the details on that.
If you're late, or know someone who is late, your time would be better spent with an attorney than waiting for people here to respond. Time is of the essence. JMHO.
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
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Quote:
Originally Posted by cityrover
~ 45 days from when they file eviction. 30 days from when you are served the eviction notice
18-24 months? heh... in which country?
Some states have many more protections for consumers than others. Some of that takes the form of much larger time periods required during the foreclosure process.
Some states have many more protections for consumers than others. Some of that takes the form of much larger time periods required during the foreclosure process.
You are declared insolvent meaning you cannot stop the process. Now, i don't have any direct knowledge if somebody came up with a pot of gold and paid out the full balance for the deed in cash and stopped the process. Maybe then they may end it. But trying to recredit the lien is impossible.
The actual foreclosure process does take months, when you begin to count the missed payments, loan modification attempts (if any), short sales whatever.
However the actual eviction IS ~45 days.
Good table though. Now i know which states i can deadbeat in. heh
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