21-Day State Foreclosures
21 Day State Foreclosures
I live in Oklahoma and we are both a Judicial and non-Judicial state. However, we mostly operate under a Judicial manner. What that means is our foreclosures usually take about 4-6 months to complete.
However some of my students operate in 21- day foreclosure states. That means it ONLY takes 21 DAYS FROM START TO FINISH to foreclose on a house!
That can go by lightening fast!
Here is a quick list of the The
21 day states in alphabetical order:
Alabama, California, Kansas, Georgia, Maryland, Michigan, Missouri, Rhode Island, Texas, Tennessee, Virginia and West Virginia
Note: In some states the foreclosure timeline is little SHORTER and it affects the total time it takes for the foreclosure process.
In 21-Day States, a notice of foreclosure must filed not less than 21 days before the date of the foreclosure sale.
In other words, you MUST ACT FAST to get an opportunity to short sale.
So… how is this done?
The answer is simple: POST PONE THE SHERIFF SALE!
You must get the sheriff sale postponed so you have time to work the short sale…period.
I teach you over 10 ways to get this done in my SSF Course.
Remember… if you’re in a 21-day state you will find most of your Pre-Foreclosure leads in a legal newspaper.
This paper is easy to find. If you haven’t heard of it call a real estate attorney, foreclosure or REO Realtor or ask someone at your local Real Estate Investment Club about it.
Questions:
What are some of things you are doing to work a short sale in a 21-Day state that you can share with others?
What are some your challenges?
Remember… be a servant,
Cory Boatright
Loss Mitigation Specialist
www.ShortSaleFundamentals.com/blog (share the blog with your real estate friends)
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Edward Ewing
