Select Portfolio, like most of the banks, will let you default for a period of twelve months (that is, for a period of one year). After this period of twelve months has elapsed, they will start the procedure for the auctioning of your home. This procedure usually takes a duration of about three months, or a period of 90 days before it is over. This auction will end in your eviction from the house. However, this duration also depends on which area you have your home in and the local laws which are prevalent in your area.
The term foreclosure is defined as the legal procedure by which the mortgagor of real property is forced to forgo his interest in that property. The main reason for the foreclosure of any property is because of the failure of a person to comply with the terms and conditions which are prescribed the mortgage agreement
The term foreclosure is defined as the legal procedure by which the mortgagor of real property is forced to forgo his interest in that property. The main reason for the foreclosure of any property is because of the failure of a person to comply with the terms and conditions which are prescribed the mortgage agreement