The timeline for foreclosure varies significantly from state to state. Some states will provide as little as 30 days, some as many as 300 days from the time the Notice of Default is entered until the property is auctioned off.

About half of the states nationwide offer a Redemption Period, where you can buy back your home at the auction price. This Redemption Period can last as long as a full year in some states.

It's very important to understand the laws of foreclosure and the timeline for foreclosure in your state, as this could buy you valuable time to save your home.

It's imperative that you get in touch with your lender as soon as possible if you have missed any of your mortgage payments or think you will not be able to make payments in the near future. You DO have options to save your home, and the faster you act to come up with a viable solution to the problem, the better the chance you have to stop foreclosure proceedings.

As stated above, the timeline for foreclosure will vary by state, but here is a general outline of the foreclosure process:

Day 1- Date of Default

The borrower misses payment on the 1st of the month.

Day 16-30

The lender will contact the borrower by phone or mail, attempting to understand the reason for the past due payment, and will try to come up with a solution with the borrower to bring the loan current.

Day 45-60

The lender will send a "Breach Letter" that states the borrower has broken the terms of the mortgage. The borrower will then be give 30 days to become current with the loan, or face foreclosure proceedings.

Day 90-105

The loan is referred to the lender's foreclosure department. A local attorney or other firm begins foreclosure proceedings by filing a formal notice of foreclosure at the local courthouse. At this stage, the act of foreclosure becomes public record, and the details may be published in your local newspaper.

At this stage it is crucial to come up with a solution with your lender as soon as possible. Although your options become limited, you do still have several options to stop the foreclosure, and these options will vary depending on the severity of your situation.

Day 115-415

A foreclosure auction or sale is held on your local courthouse steps. Depending on your state's laws, you will have a Redemption Period to buy your home back at the auction price.

What's your next step?

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