I live in BC Canada and there is a big chance that my house might go into foreclosure very soon if some money doesnt come through quick. I was wondering if anyone knows how long a foreclosure typically takes? Also if I paid back all the arears would I be able to stop the foreclosure even if it was already in progress?
That depends on a few things. If your bank has alot of foreclosures, then they might want to unload them as soon as possible. They may hang onto it or if they are partnered with any local real estate agencies, they may sell it to them. As far as you paying it back, you would have to talk to them and see what you can work out. Understand that if they do give you a sort of second chance to pay this, and your funding doesn’t come through, they probably won’t let you pay it once the house does go into foreclosure.
Really, you should be talking to your mortgage company about all this instead of getting people’s personal opinions. Our opinion isn’t going to help save your home. As a previous banker, I can tell you that lenders don’t tend to look to favorably on people that have had a previous foreclosure for future lending, so if another house is in your future, or you would like it to be, I would do pretty much anything I could to avoid this happening!