QUESTION
How would the foreclosure proceeding be handled?
Asked on Oct 20th, 2014 on Estate Planning - Illinois
More details to this question:
I have a neighbor who died back earlier this summer. She currently owes money on her house. There is no will and none of the family is going to deal with the house.How long could it take for this house to be owned back by the bank?
2 ANSWERS
Upwards on 2 years, depending on where it is located.
Answered on Oct 21st, 2014 at 8:26 PM
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If there is no cooperation from the family or the estate of the deceased then the bank will have to start a foreclosure suit. The length of time depends on the speed with which the mortgagor acts. It may take a few months for a default to be declared and a few more months before the mortgagor file a foreclosure complaint. From the filing of the complaint until the foreclosure sale could take a year. If the property is vacant the mortgagor may appoint a receiver to take control of the property before the foreclosure process is completed.
Answered on Oct 21st, 2014 at 10:37 AM