Monday, May 21, 2012
How long does it take for a bank to reclaim possession of a foreclosure?
Donald C asked:
How long should it take for a bank to take possession of a home that was foreclosed?
How long should it take for a bank to take possession of a home that was foreclosed?
The home is a new construction with no previous/current tenants. The bank which owes the home is in Illinois and the home is in North Carolina. The builders went bust so there aren’t any challenges to the foreclosure from any previous owner.
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If the builder is currently in bankruptcy, any foreclosure activity comes to a halt until the bankruptcy is discharged. After that occurs, the bank will probably move to foreclose as quickly as possible. However, until that bankruptcy is settled, they are prevented from any further action.
If the foreclosure was completed prior to any bankruptcy, there is no hindrance, since the bank owns the property immediately after foreclosure.