It is important that you understand foreclosure is a process; one missed payment does not mean that you will get a knock on your door the next day.  These milestones must be achieved before the lender can take legal possession of your home.

1. Default:  you have missed between 1 and 3 payments.   Note lenders typically don’t take partial payments.

2.  Legal Notice: the lender or foreclosing party must notify you in writing (Notice of Lis Pendens)

3. Bank Sale or Auction Date: you are informed of a date at which the foreclosing company will take possession

 According to the Mortgage Bankers Association, the average time between the first missed payment and the foreclosure sale is about 1 year.


Information deemed acurate but not guaranteed. HarderAndSmarter Realty is not engaged in the practice of law nor does it give legal advice.