[homeowner2012]

We lost our jobs here in Vegas. Nothing new. Unfortuately we had to stop paying our mortgage so we can eat. Does anyone know how long it takes for a home to get forclosed. We are new to this and hope that this not happen to anybody.

[scociny]

I personally haven't gone through this but my next door neighbors have. They did a strategic default I am assuming because they are still living in the house. I think my Realtor said it was foreclosed on after six months of no payments and it took a little over two years for the house to go to auction. I don't know if things have changed now as far as the process though.

[WestieJeff]

The longest you can stay in the house would be until the auction and then the new owner could evict you and you'd have to be out within 3 days.

The minimum amount of time until the auction is basically 5-6 months. That's the minimum though. Most I'd say run about a year unless the homeowner is actively fighting the foreclosure with bankruptcy, etc.. I've seen them take 2-3 years to complete the auction in extreme cases.

You'll get a notice on your door 21 days prior to the auction.

[jet757f]

Do all forclosed homes go to auction?
I'm just wondering why some of the forclosed homes are listed with agents?

[BBMW]

If you have any money to play with, find a lawyer who handles foreclosures. You could probably tie up a forecloser almost indefinitely, if the lawyer know what he's doing.

[ScoopLV]

Originally Posted by jet757f

Do all forclosed homes go to auction?
I'm just wondering why some of the forclosed homes are listed with agents?

In most cases, those are the homes that have already been on the auction block. The highest bid price didn't reach the reserve. The bank is stuck with the house. So now is when banks dump the house onto the market as an REO listing.

As for helping people game the foreclosure system, I think that is detrimental to our economic recovery. The foreclosure meltdown is like gangrene -- the quicker we excise, the less damage it will do in the long run. Get those properties off the market as quickly as possible. Yes, dumping thousands of properties onto the market would hurt us in the short term. But then we can start the road to recovery. This "hanging on and squatting" business hurts the rest of us. You know, those of us who aim to keep our homes.

[BBMW]

^
The banks played extremely fast and extremely loose when they made most of the pre-crash mortgages. Now they want people to turn a blind eye when they try and clean up the mess.

If I was in this situation (which I'm not), I'd fight hammer and tongs to stop them.

[WestieJeff]

Almost indefinitely is QUITE a stretch. You only have a couple bullets to use. Bankruptcy is the easy one since it is automatic and always works, but only delays 3 months to a year tops and you just declared bankruptcy, so that's only useful if you wanted to do that anyways.

All other judicial methods require a temporary restraining order to be issued by the judge stopping the auction. Which means you have to convince a judge. All that costs money, think 10k+ and doesn't always work.

Originally Posted by BBMW

If you have any money to play with, find a lawyer who handles foreclosures. You could probably tie up a forecloser almost indefinitely, if the lawyer know what he's doing.

[WestieJeff]

All foreclosed homes went to auction. If it's showing up as a foreclosed home on the MLS then it already went to auction.

If it hasn't went to auction, it's a short sale, not a foreclosure sale.

There is a flag in the Las Vegas MLS indicating if the notice of auction has already been filed. That doesn't mean it's a foreclosure, it just means it's auction date has been set.

Originally Posted by jet757f

Do all forclosed homes go to auction?
I'm just wondering why some of the forclosed homes are listed with agents?

[007 license to sell]

Originally Posted by homeowner2012

We lost our jobs here in Vegas. Nothing new. Unfortuately we had to stop paying our mortgage so we can eat. Does anyone know how long it takes for a home to get forclosed. We are new to this and hope that this not happen to anybody.

Unfortunately what your going through so many Nevadan's are going through and there is help out here.

The foreclosure timeframe was 330 days in December, 13 days shorter than November.

Since a Nevada a law took effect in October requiring lenders to prove they have authority to foreclose, default filings have hovered around 1,000 a month.

Once you have been served notice of default then you will also be notified of the trustee sale. It takes along time to foreclosure right now so take this time to figure out what your going to do.

In the mean time you are personally liable for anything that happens to the home so if you can't keep your insurance up and the house burns down it's going to be your liability. Don't just walk away either because as long as your name is on the deed your liable whether you live in the home or not.

Also there are the taxes and hoa's those may go with the home but if you can't pay the hoa's the hoa can foreclose on you. If you can't pay your Home owners insurance then you should talk to an attorney and find out what is best for you most first consultations are free.

There are options short sale you need to do it this year ,after this year anyone doing a short sale will have a 1099 from the lender and you will have to pay taxes on the loan amount they forgave.

other options are Deed in Leu of foreclosure, bankruptcy, there are attorneys that will help you. And the attorney's will help you while your trying to modify the loan and keep the collection agencies away from you if you are going to file bankruptcy after the modification.

But if you have no source of income you won't get a modification, however if you contact your bank and let them know what has happened they may work with you until you find a job.

This is a big deal and you need to figuire out what your going to do. You must be very proactive getting this taken care of. Best of luck