How long does the foreclosure take
How long does a foreclosure take?
At a glance: duration of foreclosure
A general statement of how long the foreclosure will take cannot be made, because this always depends on the individual case. Sometimes only a few weeks pass; however, enforcement can just as easily drag on for months or even years.
The decisive factors here are, above all, the enforcement measure chosen, the amount of debt and the debtor's assets.
This, too, cannot be answered across the board. You can find out here how the duration of these different types of attachment is influenced.
Believers often have to be patient
Until a believerobtain an enforcement order and is finally allowed to initiate enforcement measures against his debtor, is usually already some time passedin which he waited in vain for his money. Understandably is his patience therefore already badly strained when he can finally send the bailiff out, and he asks himself: "How long does a foreclosure actually take? "
A blanket answer cannot be met here, because the duration of every foreclosure depends on the respective circumstances of the individual case from.
Is it the creditor? the tax officebecause the debtor z. B. has not paid taxes, the enforcement is usually initiated much faster. This is due to the fact that the tax office already has an enforcement title with the tax assessment and does not have to first obtain this from a court like other creditors. The actual duration the foreclosure is not affected.
These factors affect the length of the foreclosure period
How long it will take for a foreclosure to complete by various factors influences:
- How much attachable property does the debtor own?
- How high is the enforceable claim of the creditor?
- What foreclosure measure is applied?
- Is it a matter of the individual enforcement (possibly by a bailiff) or a total enforcement as part of bankruptcy proceedings?
Which foreclosure measure is the fastest?
Just the chosen measure makes a big difference in how long it takes before a foreclosure is over. Still can not a general statement about which enforcement measure as fast as possible goes.
Attachment of accounts or wages seem at first glance to be the simplest methods: the creditor simply gets his money directly from the account of the debtor or at his employer. However, the debt amount is very high, garnishment of a single wage may not be enough. Then the creditor gets his money not all at once back, but may have to over months always wait for the new wage payment to the debtor until his claim has been completely met.
A Garnishment can sometimes go faster, but here again you have to go first Buyer for the confiscated items so that the creditor actually gets his money through the foreclosure.
He has to be patient when taking the foreclosure measure chosen the foreclosure sale of a property is. Because before the auction date can be set at all, you have to do it first a land registry entry, the valuation by an appraiser as well the exam of that report. This usually goes by at least nine months (or more) from filing for foreclosure until the property actually auctioned and the believer sees his money.(56 Ratings, average: 4,30 of 5)
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