Posted by Ronald * Starr(in No CA) on July 29, 2003 at 20:03:03:
The minimum time for a trustee’s sale foreclosure on a loan in CA is about three months and three weeks. Typical time is maybe six weeks more than that.
Figure about a month between the servicer or lender contacting you and starting nthe foreclosure. Then whatever time it takes between your acquisition and their discovering the transfer?
So, I’d be moderately comfortable that six months will work. However, I’d sure make sure that I were out of the property in the six months. And sooner, if possible.
You might start a new checking acound in your seller’s name and your name, with you authorized to write checks. Then you have the seller sign a dozen or so checks. You fill out the mortgage amount and the date and mail off each month. That should delay the discovery for a while.
Depending upon circumstances, there re other ways to handle taking control of properties in such a situation, such as opitions, being a junior lender and foreclosing, etc.
Good InvestingRonald Starr***