Understanding Foreclosure Statutes of Limitations
Foreclosure statutes of limitations dictate the timeline in which lenders can initiate foreclosure proceedings, as well as how long lenders have to complete the process. Understanding these laws is important for homeowners facing a potential foreclosure and for real estate investors interested in purchasing properties that have gone through a foreclosure.
Foreclosure statutes of limitations vary by state, so it's important to research the laws that apply in the state where the property is located. In some states, when a borrower misses their payment, they may be given an additional grace period before the lender can begin filing a foreclosure lawsuit. If an initial lawsuit has been filed but not yet completed, this grace period may extend even further until all legal proceedings are finalized.
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