How long is a mortgage company allowed to drag out a foreclosure

This is the same story all over the country, you are not dealing with anything out of the ordinary. I have some clients that have file bankruptcy, surrender the home in the bank has taken 3 to 4 years to foreclose even after that point. I have other client that a ban foreclosure for six years. Essentially if the bank doesn't think it's going to make a lot of money on your home in a short period of time, it will attempt to foreclose on other properties at all make it more profit in the short term. And as of that happening the debt on your house keeps increasing, so do all the fines and penalties. The simply keep adding up. Essentially unless you file for bankruptcy, the deficiency between what you owe on the mortgage and what your house can be sold for at a foreclosure auction will be so high that you'll have no other choice but to file bankruptcy. If you want to just move on with your life, you could simply file a chapter 7 bankruptcy, surrender the house and live in it until they foreclose and you move on. That way you won't over the debt you won't be able to have to deal with the IRS billing you for the difference between the sale price of the home in the actual amount still remaining on the mortgage. Once in this situation bankruptcy is highly advised and should be done prior to foreclosure, not after. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147