Question? How long can a home remain in foreclosure?

By
Real Estate Broker/Owner with Move Up Properties 01873098

How long can a home remain in foreclosure?  Is there a statute of limitations on the amount of time a lender has until they must refile a foreclosure action or can it go on indefinately? 

I have a colleague who has his home in foreclosure with Bank of America for four years now.  I cannot locate the statute on this.  Does anyone know the answer?

Thank you in advance! 

Diane Wheatley, Broker

 

Posted by

Diane Wheatley, Broker

Real Estate Brokerage and
Property Management, Upland CA

 

(909) 815-4499 Direct Cell

(888) 981-5589 Toll-Free

CA DRE Broker Lic #01873098

 

 

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Rainmaker
211,462
Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500

I've heard a rumor a while ago about someone who has two homes, collecting rent on them too, the banks don't want to foreclose because they are so upside down, they aren't paying the mortgages on either and living off the rent they are collecting.

August 21, 2010 08:19 PM #1
Rainer
27,457
Alan Bruzee
Long & Foster Real Estate, Inc. - Rockville, MD

Not that I know of, but eventually, the state or other jurisiction is going to want someone to pay the real estate taxes.

August 21, 2010 08:20 PM #2
Rainmaker
426,621
Marcy Moyer
Keller Williams Realty Palo Alto Probate & Trust Specialist - Palo Alto, CA
CDPE

That is a really interesting question.  I have never heard any discussion about that but would love to know the answer also.

August 21, 2010 10:54 PM #3
Rainmaker
96,470
Eileen Liles
970-216-0530 http://WeSellDeltaCounty.com - Cedaredge, CO
Macht-Liles Real Estate Group - Cedaredge, CO

As long as the foreclosing lender keeps extending the Sheriff's Sale date, it would still be an extension of the initial Notice of Election and Demand...just my rambling thoughts using common sense - not that common sense has anything to do with what goes on in the lending industry these days.  Maybe we have an attorney on AR that will enlighten us all on this one.  Very good question, Diane.

August 22, 2010 12:06 AM #4
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Rainmaker
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Diane Wheatley

Broker, SoCal Real Estate Expert (909) 815-4499
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