"If you dont have time to do it
right, when will you have time to do it over?"
If foreclosure/repossession is the chosen method
for partial asset resolution then the timeline probably
will approximate 150 to 400 days depending upon
specific redemption periods. Here is what transpires:
A. Missed payment (Day 1) B. Late charge (Day 30) C. Collection Letter (Day 31 to Day 60) D. Demand Letter (Day 61 to Day 120) E. Notice of Default (Day 121 to Day
125) F. Trustee Sale (Day 175 to Day 400) G. Redemption (Day 175 to Day 400)
During this time the particular asset very likely
has yielded absolutely no income, and has continuing
relentless costs for legal, insurance, taxes, and
maintenance until title moves to an acquiring party.
When a borrower defaults a loan it is a very high
probability the associated taxes and insurances
have concurrently expired, and normal maintenance
of the collateral real estate has ceased.