The process of foreclosure is the when a homeowner fails to pay his or her mortgage for a period of time, usually exceeding 90 days. The foreclosure process may start as early on as 60 days from the date of the first missed payment, though it varies from lender to lender. Despite common misconception, banks do not want to foreclose on homes because it costs them in the way of time and money required to maintain and list the property. Banks are in the business of lending money, not selling homes.

Homeowners are usually given several chances to avoid the official foreclosure process by making or adjusting payment arrangements. Although it can be hard to catch up on late payments, it is possible, and banks/lenders are usually very patient with a homeowner who is fighting to keep his or her home. Usually if the bank can see that an honest attempt is being made to catch up, they will delay the official process, giving the homeowner the chance to keep his or her home.

If you cannot stop the foreclosure process, remember that it is not the end of the world. While being foreclosed on will affect your credit, you can come back from it and own a home again. It's important to recognize that if your home goes into foreclosure that you will not simply be kicked out of your home, you will usually have at least 60 days to move out, and sometimes you will not have to move out until the home has been purchased by someone else. Please read the foreclosure laws in your state so that you know your rights.

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