If you miss one month, you will receive a letter from the bank or mortgage company. A late fee will be assessed and added to your next payment. Most lenders will tolerate one missed payment. Should the payment be missed on the second month, a breach or demand letter is sent. During this stage, homeowners have one month to pay all late fees and payments. This is the initial; stage of foreclosure and typically can range up to 90 days.

If owners do not comply within the allotted 30 days, the bank then begins the foreclosure process. A legal process will be initiated and the home will be recorded as foreclosed in public records. The bank will then issue a public notice to newspapers stating the home is foreclosed and the debt records are published. This step usually takes 15 days to complete.

Once the second step is completed, the home is legally deemed foreclosed. The bank or lending agency will set a specified date for auction or sale. This process varies in time. It will depend on state laws and regulations. If your state has a non-judicial foreclosure, meaning it does not have to be settled in court, the sale can take place within 2 months. A judicial process can take up to a year.

Some states will allow the owner to buy the property back once it has been listed for sale or auction. This process is also determined by the state in which the home is located. The entire foreclosure process typically takes between 2 and 6 months. Some foreclosures may move faster or slower, depending on the sale or auction terms.

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