Real estate foreclosure basics

From default notice to auction sale

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Before examining the foreclosure profit opportunities and discussing the pros and cons of each one, it is important to understand the basics of the foreclosure legal process. The exact procedure varies in each state. To illustrate, Texas has the most unusual procedure I've seen. Texans hold all their foreclosure sales on the same Tuesday each month (rather than spreading the sales throughout the month, enabling bidders to buy at many auctions rather than just one auction each month). Theoretically, a Texas foreclosure can occur as fast as 21 days if the legal notice timing is just right. But the reality is Texas foreclosures usually take longer than 21 days. Purchase Bob Bruss reports online. In most states, the legal foreclosure process from start to finish takes four to six months. But before the legal foreclosure procedure begins, the borrower has usually been in default on the mortgage for one to six months, often even longer for FHA and VA mortgages. In addition, some s...