Thread: How long does the bank have to record a foreclosure sale?

How long does the bank have to record a sale(foreclosure)?
Is it legal to let ayou pay two more times toward the taxes due, then take the property 6 months later?

Most states in the US, there is no requirement of time for recording of a document transfer. Your state may have specific requirements of foreclosure transfer, but I have not seen any.

Legal? probably if you chose to pay them. You could always have skipped since you say you didn't own the property, so they wern't your responsibility.

If the foreclosure is complete according to the state in which you reside then the lender would record a title deed in their name soon after the foreclosure sale if there are no buyers for the property.This would be within a 4-10 day period of time.

If the foreclosure is complete, you no longer own the property why would you want to pay the taxes or insurance.

Now if you have received a foreclosure notice indicating you are in foreclosure the property is still in your name. This is called a notice of default. The foreclosure procedure has just began and would take approximately 3-5 months or more before the foreclosure sale is complete. At this point in the foreclosure procedure you are still the owner and responsible for the taxes, insurance and other necessary repairs of the property.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Do you mean how long do they have to foreclose? Essentially forever. They drag it out so they aren't on the hook for property taxes all the time. No reason they should get more screwed than they already are.

Each state has different laws and regulations as it relates to foreclosures. It is either judicial or non-judicial foreclosure.Typically when the home does not sell, the bank has to take it back into its inventory and if the bank does not want to own the property they consider REO homes sale.