Posted by Warner(ATL) on March 24, 2000 at 17:02:50:
Don’t forget about the possibility of bankruptcy extending the time of non-payment.
Foreclosure Time Frame in Maryland - Posted by Neil
Posted by Neil on March 24, 2000 at 15:55:49:
Could anybody tell me how long it would take to forclose on a piece of property in maryland. I’m trying to do a cost benefit analysis of carrying a note. I would like to know how long I would have to carry my note (on a wrap) with the buyer not paying me.
Thanks!
Re: Foreclosure Time Frame in Maryland - Posted by HarryW(MD)
Posted by HarryW(MD) on March 24, 2000 at 21:55:11:
You can check out the Maryland Rules from the Public Library. I can speak regarding the process I have come to be aware of regarding trustee sales which may or may not follow the same guidelines as land installment contracts, so PLEASE don’t don’t take this as fact and I am not an attorney. -disclaimer-
The process can certainly take a while and may be a little costly. Once you file, the court has to approve the sale, then you have to advertise for 3 weeks in a newspaper. Then the actual foreclosure. After that the court has to ratify the foreclosure, then another advertisement for 3 weeks then it is final. I believe it is at this point that you can evict which can take another 30 days. Again this is the process for trustee sales, I didn’t verify the specific rules for land installment contracts. So, this can take several months depending on how effecient the court is moving. I hope this helps.
Re: Foreclosure Time Frame in Maryland - Posted by SCook85
Posted by SCook85 on March 24, 2000 at 21:53:14:
On average I understand that it is about a 6 month process, and a cost of about $4-5k to do the foreclosure (you must advertise in a few publications, ads must be a certain size and the papers hit you real hard because they know you have to do it).
I just had someone tell me that they are foreclosing on someone right now, he was doing “a quick and dirty” foreclosure and it would take about 60 days. I don’t have a clue of what that is.
If they file bankruptcy right before the auction you can add about another year to the equation, and they almost always filr bankruptcy.
The best thing to do is to pay them to leave, even if it is a few thousand dollars.
Steve