Posted by JohnBoy on March 05, 2002 at 12:52:12:
That would also depend on your state laws as each state has different laws pertaining to foreclosures.
In my state it takes a minimum of 9 months to get the property back and that’s if everything goes through smoothly without the buyer trying to fight it. Otherwise at least 12 months or even longer if they file a BK.
You would have to pay attorney fees and court costs to foreclose. You would be able to get that added to any deficiency judgement against the borrower but then being able to collect from them is another story! If they file BK then you won’t be able to recover anything from them.
But the process is different in each state so you would have to look into that in your state as well.