How long does it take for the bank to take over a home due to defaulted mortgage payments?
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How long does it take for the bank to take over a home due to defaulted mortgage payments?
I am living in my mother’s home for the last 2 months. My older sister lived in it before me for at least for 16 or 17 years. The home is paid off but my sister has taken a $50,000loan on it whether it be a personal loan or she used it as collateral. I have looked into seeing a realtor and she informed me that on the deed my mother is on it alone. My sister claims that she took the loan out and is not willing to pay it back and I am informed that she still owes $24,0000. She does not want to continue to pay on the loan. I am aware that she has not paid it since last month. How long does it take for the bank to do something about it? I do not want to be in the home and someone/bank comes and lock me out of the home.
Asked on July 21, 2011 Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
When a home is security for a mortgage or trust deed and a payment is not made, the lending institution on the loan sends a notice of default to the owner and records it on the property advising of the need to curen a certain time period, usually 30 days. If no cure, a notice of trustee's sale is sent and recorded on the property usually giving 90 days notice for the sale.
Notice requirements for a trustee's sale on a mortgage in each State.
You need to go to the county recorder's office to see if your mother's home is actually security for your sister's $50,000 loan. If your sister was never on title to your mother's home, I doubt she ever received a loan where your mother's home is security for it unless your mother signed the mortgage and it was recorded on the property.
Good luck.
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