How Long Does Foreclosure Take?
Generally, the pre-foreclosure timeline is about three to four months of missed payments before the foreclosure process starts. Prior to beginning foreclosure, notice of the foreclosure sale must be advertised at least one per day for three (3) days or once per week for two (2) two weeks in a newspaper of general circulation in the county in which the property is located. In the Hampton Roads area, the most popular paper to advertise in is “Inside Business”. However, sale notices are also posted in the Daily Press and in the Virginia Pilot. In Richmond, the Richmond
In Virginia, the deed of trust controls and may contain the advertisement procedure and additional requirements. If no procedure is prescribed the advertisement must run for once a week for four (4) weeks. If the property is adjacent to a city it may be sufficient to advertise for five (5) consecutive days.
Notice of the foreclosure or a copy of the advertisement must be served (usually sent certified mail) on the defaulted borrower/homeowner at least fourteen (14) days before the sale and must provide a description of the property being foreclosed upon, the time, place and terms of the sale. The foreclosure sale cannot occur earlier than eight (8) days after the first advertisement of the foreclosure sale and no later than thirty (30) days after the last advertisement.
In short, from the time the loan is put into the foreclosure
At the foreclosure