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

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
ETHICS and the REALTOR
Realtors®
Short Sale Specialist Network
Short Sales Specialists
Tags:
foreclosure
statute of limitations
bank of america

Comments 4 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pencil to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
210,324
Yvette Chisholm
Associate Broker - Rockville, MD 301-758-9500
Long & Foster Real Estate, Inc.

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
Rainer
27,445
Alan Bruzee
Long & Foster Real Estate, Inc.

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
Rainmaker
418,363
Marcy Moyer
CDPE
Keller Williams Realty Palo Alto Probate & Trust Specialist

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
Rainmaker
87,924
Eileen Liles
Macht-Liles Real Estate Group - Cedaredge, CO
970-216-0530 http://WeSellDeltaCounty.com

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
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
78,236

Diane Wheatley

Broker, SoCal Real Estate Expert (909) 815-4499
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Survived the mortgage meltdown and live to teach others how to buy and sell in the "move up" market in California.

Bookmark and Share