Q: I own a second home in New Jersey and am 120 days late on the mortgage. How long does it take for a foreclosure to happe
A:
The fastest NJ foreclosure I have seen was about 180 days. The longest has been close to 6 years. It really comes down to the competency of the law firm foreclosing and the defense that is put up against the attorneys foreclosing.
So incompetent attorney versus competent attorney equals more time and competent versus incompetent equals find a new home fast.
Currently, my firm has a tax foreclosure that should have taken 65 days to foreclose but is still being defended after 5 years going to an open market sale to pay off everyone involved. So, the tax foreclosure people that should have walked away with a house worth over $400,000 are only getting a 15% profit versus 1200% profit on what they paid and the heirs get the majority of the profit as what most people intend when they pass.
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