Foreclosure


Foreclosure is generally defined as a legal process through which property pledged as security for a debt, a mortgage, or a deed of trust loan is foreclosed on by the lender. This is because the borrower defaulted by failing to meet the repayment terms contained in the loan agreement and promissory note.


The following is a state-by-state listing of the average number of months that it takes for a loan to be foreclosed on from the time a lender files a foreclosure lawsuit to the time a public foreclosure auction takes place: Alabama 3, Alaska 4, Arkansas 3, Arizona 3 California 4 Colorado 5, Connecticut 6, Delaware 7, District of Columbia 4, Florida 7, Georgia 3, Hawaii 7, Idaho 9, Illinois 10, Indiana 9, Iowa 7, Kansas 4, Kentucky 7, Louisiana 6, Maine 10, Maryland 5, Massachusetts 5, Michigan 3, Minnesota 4, Mississippi 4, Missouri 3, Montana 6, Nebraska 4, Nevada 4, New Hampshire 3, New Jersey 10, New Mexico 5, New York 10, North Dakota 4, Ohio 8, Oklahoma 7, Oregon 5, Pennsylvania 9, Puerto Rico 12, Rhode Island 3, South Carolina 6, South Dakota 4, Tennessee 3, Texas 2, Utah 5, Vermont 10, Virginia 4, Washington 5, West Virginia 4, Wisconsin 10, Wyoming 3.


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